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Bank of America trims Apple price target to $185 over foreign exchange headwinds

Tuesday July 26, 2022. 09:26 PM , from Mac Daily News
Bank of America trims Apple price target to $185 over foreign exchange headwinds
Bank of America has trimmed its price target on Apple shares from $200 to $185, citing foreign exchange headwinds.
Apple Park in Cupertino, California
Samantha Subin for CNBC:

Analyst Wamsi Mohan in a note to clients on Tuesday lowered the bank’s price target on [AAPL] stock from $200 per share to $185.
He added that investors continue to focus on how the technology giant will perform to tackle rising inflation. “We expect the F3Q revised impact from COVID-related disruptions and industry-wide silicon shortages to hit the low end of the guided $4-8bn range, however, improved supply is partly related to weaker demand in China, which has been under lockdown, is related,” Mohan said.
According to Bank of America, these headwinds could drive total revenue of $5 to $6 billion in the September quarter, while the rising dollar could create 5% and 7% year-over-year headwinds in the fiscal third and fourth quarters, respectively…
“Given the recent rally in stocks, we would not be surprised to see a momentary pullback on a weak guide, but we see repeat buy on upcoming product cycles, long-term growth in services, opportunity to monetize installed base, and strong capital returns,” Mohan said.

MacDailyNews Take: Apple customers tend to be markedly more resilient to inflation than, say, buyers of cut-rate consumer-grade Windows PCs, Chromebooks, and Android phones.
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https://macdailynews.com/2022/07/26/bank-of-america-trims-apple-price-target-to-185-over-foreign-exc...

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