UBS analyst David Vogt reiterated a Buy rating and $180.00 price target on Apple (NASDAQ: AAPL) as "iPhone Feb sell-through was down just ~3% YoY as US growth turns + as comps ease."

"While the aggregate sell-through data on the margin does not change our March iPhone forecast, we note that the recovery in shipments in December/January and QTD sell-through checks suggests our 52M iPhone unit estimate could be modestly conservative (Consensus 55M). However, given the slight mix to more base/Plus model iPhones (52% QTD vs 45% in Dec-22) from the Pro/Pro Max (44% QTD vs 50% in Dec-22), ASPs in the March quarter could be down compared to the December quarter but up YoY."

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Shares of Apple closed at $164.96 yesterday.