Piper Sandler analyst Harsh Kumar reduced forecasts for Apple primarily based on iPhone supply concerns from shutdowns in Zhengzhou, China. He cut his revenue forecast for the December quarter to $119B from $127.3B and assumes a reduction of 9M handset units primarily for the new models produced in November. However, Kumar notes that COVID restrictions have since been relaxed. The analyst believes Apple "remains a formidable brand" and reiterates an Overweight rating on the shares with a $195 price target despite this "temporary reduction from unforeseen events."
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on AAPL:
- 5 Great Stocks to Gift Yourself This Holiday Season
- TSMC Likely to Make Advanced Chips at Arizona Facility
- Musk says Apple CEO never considered removing Twitter from App Store
- #SocialStocks: Twitter and Apple spar over advertising, censorship
- Roblox nabs Apple executive for key engineering role, Axios reports