MacMusic  |  PcMusic  |  440 Software  |  440 Forums  |  440TV  |  Zicos
apple
Search

Wedbush lowers Apple price target from $200 to $175, says ‘Apple remains our favorite tech name’

Wednesday January 4, 2023. 03:33 PM , from Mac Daily News
Investment firm, and Apple bull, Wedbush has lowered the firm’s price target on Apple shares from $200 to $175 while reiterating that Apple remains the firm’s “favorite tech name.”

William Gallagher for AppleInsider:

In an investment note by Daniel Ives and John Katsingris seen by AppleInsider, the company continues to say “Apple remains our favorite tech name.” It also says that “we maintain our Outperform rating.”
“[However, our] Asia supply chain checks are clearly mixed heading into the next few quarters,” it continues, “and Cupertino appears to be cutting back on some orders around Macs, iPads, and AirPods over the coming quarters to reflect a softer consumer backdrop.”
“That said, the core iPhone 14 Pro demand appears to be more stable than feared and is still coming out of the supply chain abyss seen in November/December due to the zero Covid lockdowns in China/Foxconn,” says the note. “While March and June could see some cutting of iPhone orders (iPhone 14 Plus remains a major strikeout), we believe the overall demand environment is more resilient than the Street is anticipating and thus we believe baked into the stock is a massive amount of bad news ahead.”
The analysts even continue to say that “on a sum-of-parts valuation, we continue to believe $200 is the right valuation for Apple.” Nonetheless, it is lowering its overall target price for the first time in around a year.
“We are lowering our price target from $200 to $175 reflecting a more base case valuation in this uncertain environment,” continued the analysts, “as some demand headwinds starts to creep into the Cupertino growth story.”

MacDailyNews Take: Typically, price targets are 12-month markers. In the meantime, come on, sub-$120!
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Shop The Apple Store at Amazon.

The post Wedbush lowers Apple price target from $200 to $175, says ‘Apple remains our favorite tech name’ appeared first on MacDailyNews.
https://macdailynews.com/2023/01/04/wedbush-lowers-apple-price-target-from-200-to-175-says-apple-rem...
News copyright owned by their original publishers | Copyright © 2004 - 2024 Zicos / 440Network
Current Date
Mar, Fri 29 - 09:52 CET