Apple (AAPL) PT Lowered to $175 at Wedbush on demand worries
Wedbush analyst Daniel Ives lowered the price target on Apple (NASDAQ: AAPL) to $175.00 (from $200.00) while maintaining a Outperform rating on demand worries.
The analyst commented, "With the fears of a softer holiday December quarter around the corner on China supply chain shortages, the Street continues to sell off the stock in an unabated fashion with worries around an uncertain 2023 ahead for Cupertino. Our Asia supply chain checks are clearly mixed heading into the next few quarters 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. 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."