Shares of Apple (NASDAQ:AAPL) are lower today, which can be attributed to Foxconn’s weak demand forecast for smart consumer electronics in 2023. Foxconn’s management pointed to inflation and a slowing global economy as the catalysts for the weak outlook.
Apple’s own guidance seems to converge with that of its main manufacturing partner, as the company expects its year-over-year revenue performance for the current quarter to be similar to the December quarter’s year-over-year performance. This would imply a roughly 5% decline.
Overall, Wall Street analysts have a consensus price target of $170.40 on AAPL stock, implying over 13% upside potential, as indicated by the graphic above.
