Shares of Apple (NASDAQ:AAPL) are down today, which can be attributed to analyst Aaron Rakers cutting his estimates for 2023. He now expects Apple’s earnings per share to be $5.81 versus his previous forecast of $6.56. Rakers is worried about demand slowing down along with uncertainties surrounding China’s recovery.
In addition, analyst Ming-Chi Kuo is also cautious, as he expects iPad shipments to decline 10%-15% year-over-year in 2023. However, he was optimistic about 2024, noting that Apple was likely to release a foldable iPad that could help boost shipments.
Overall, Wall Street analysts have a consensus price target of $172.41 on AAPL stock, implying over 19% upside potential, as indicated by the graphic above.