JPMorgan doesn’t believe in Apple
2022.12.20 06:38
JPMorgan doesn’t believe in Apple
Budrigannews.com – JPMorgan experts kept an Overweight rating on Apple (NASDAQ:) however lowered the target price for the stock by 5% to $190 per share.
As Apple’s supply chain issues in China persist, the lowered price target reflects tempered expectations for the December quarter. Analysts have lowered their estimates for Apple stock for the second time in two months.
In a client note, they stated, “We continue to see the supply shortfall continuing through year-end and impacting the typical seasonal uptick in iPhone volumes seen in Dec-Q.” As a result, they decreased their iPhone 14 Pro / Pro Max shipment forecast for the fourth quarter.
The experts brought down gauges for iPhone deals by 4 million in total after a 8 million cut in November. Despite this, they are of the opinion that Apple will be able to replace some of the units that were lost during the March quarter.
They continued, “We again expect the impact to estimates for FY23 overall to be more modest as we anticipate part of the shipment shortfall in the Dec-Q to be made up in the Mar-Q with supply constraints easing in the lower production months and only a modest impact to demand given the historical precedent for Apple consumers to wait through a delay.” “We again expect the impact to estimates for FY23 overall to be more modest,” they stated.
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Morgan Stanley and UBS experts brought down their cost focuses on Apple stock in November, refering to production network issues.
