Shares of Apple (NASDAQ: AAPL) were down in pre-market trading on Thursday after Bank of America analyst Wamsi Mohan downgraded the stock to a Hold from a Buy and slashed the price target to $160 from $185, while also lowering FY23 estimates.
The analyst commented in his research note to clients, “We see risk to this outperformance over the next year, as we expect material negative [estimates] revisions driven by weaker consumer demand (Services already in slowdown and we expect products to follow).”
The top-rated analyst also lowered his FY23 revenue estimates to $379 billion and earnings of $5.87 per share.
What is a Good Buy Price for AAPL?
Wall Street analysts are bullish about AAPL with a Strong Buy consensus rating based on 23 Buys, four holds, and one Sell. The average price target for AAPL stock is $183.89 implying an upside potential of 28.6%.