KeyBanc Reiterates Underweight Rating on Apple (AAPL), Sees 'Mounting Negative Data Points'

KeyBanc analyst Brandon Nispel reiterated an Underweight rating and $200.00 price target on Apple (NASDAQ: AAPL).

The analyst commented: "We remain UW AAPL. Our KFLD shows Indexed Spending +28% m/m, below the three-year average of +36% m/m, and +7% y/y vs. +6% y/y in November. We find the data to be mixed, where seasonally the data is soft, but has improved on a y/y basis. We expect in line F1Q25 results and F2Q25 guidance likely below expectations. We see mounting negative data points: 1) AI has failed to spark an upgrade cycle in the U.S./Internationally; 2) we think there is likely a headwind from an iPhone 16 ban in Indonesia; 3) China data points appear to be a modest negative given continued competition; and 4) FX is likely to be a headwind to guidance. We think: 1) growth expectations remain too high (we think LSD iPhone growth is likely); 2) a growth inflection across products and geographies appears unlikely; and 3) AAPL fundamentals do not warrant its premium valuation."

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 $234.40 yesterday.

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