Apple (AAPL) Carrier Survey Points to Sustained Demand and In-Line Results - KeyBanc

KeyBanc analyst John Vinh reiterated an Overweight rating on Apple (NASDAQ: AAPL) after checks indicate customer demand for iPhone 13 in March remained healthy, aided by: 1) better supply; 2) tax refunds; and 3) the
release of the green iPhone, which is tracking slightly above store expectations. However the SE3 sell-through disappoints and appears to be another “Mini” disaster.

The analyst stated "Our Key First Look Data suggests AAPL is tracking somewhat in line with consensus, adjusting estimates. Historically, C1Q (Apple's F2Q) Apple Hardware is -35% q/q over the last three years, which compares to the current C1Q22 q/q consensus estimate of -29% and our estimate of -30% q/q. Our data is not currently pointing to material upside, where the main weakness we expect is around more discretionary purchases in the wearables and accessories segments."

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $167.66 yesterday.

You May Also Be Interested In

• Apple says it wants to spend more on suppliers in Vietnam
• Evercore ISI on Apple (AAPL) Anti-Trust Headlines: 'We see three primary areas of risk'
• Midday movers: Goldman Sachs and Meta Platforms rise; Apple and Tesla fall