Loop Capital analyst Ananda Baruah keeps a Hold rating on Apple while raising the firm’s price target on the stock to $185 from $180. The company’s latest earnings call confirmed that the iPhone demand is softening relative to the recent run-rate, and the firm is modeling 2024 iPhone sales at 209M units, down from 220M in 2023 and 230M in 2022, the analyst tells investors in a research note. The firm adds however that Apple’s gross margins are anticipated to continue improving into the March quarter in the range of 46%-47% because of continued operating leverage and favorable mix, offset partially by FX.
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