Deutsche Bank cuts Apple target price to $200 from $210

Deutsche Bank analyst Sidney Ho on Wednesday reiterated his “Buy” rating on Apple shares, but slightly lowered his target price to $200 from $210.
Patrick Seitz for Investor’s Business Daily:
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Ho said his September-quarter revenue estimate was too high, given indications of soft smartphone sales. Apple plans to release its fiscal fourth-quarter results on Nov. 2.
“Initial iPhone 15 sell-through has been mixed and increased competition in China could lead to lower iPhone sales in the region,” Ho said in a client note.
Elsewhere on Wall Street, UBS analyst David Vogt maintained his neutral rating on Apple stock with a 190 price target.
In a note to clients, Vogt said iPhone 15 supply has caught up with demand.
“Wait times for the base and Plus models are largely nonexistent, essentially in-line with last year across the U.S., China, Europe and Japan after materially elevated wait times immediately post launch,” Vogt said.
He added, “The deterioration in wait times at the low end that are now consistent with last year suggests demand continues to wane with only the Pro Max showing any resiliency.”

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MacDailyNews Take: Last year, iPhone supply was notably impinged due to China’s quixotic “Zero COVID” shutdowns affecting unit assembly, so if demand is “essentially in-line with last year across the U.S., China, Europe and Japan” and supplies are materially better this year, what does that tell you?
Additionally, we suppose it’s somehow “bad” news that Apple’s most expensive flagship remains in high demand?
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AAPL is like a buoy. Quick, it’s back on the surface! You there, analyst, and you, too, swim down and tug on the chain! Drag it under… lower, lower… Good! Now, quick, everybody jump on, and we’ll take a ride back up to the top again! — MacDailyNews, January 9, 2012

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As always, profit from the fomenters.
Apple reports fourth fiscal quarter results and business updates on November 2nd after market close, right around 1:30 p.m. PT / 4:30 p.m. ET. We’ll have those results for you as soon as they are released.
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