Apple price target lowered to $170 from $185 at Raymond James

Raymond James analyst Melissa Fairbanks lowered the firm’s price target on Apple to $170 from $185 and keeps an Outperform rating on the shares. The company reported disappointing results in what is normally a seasonally strong quarter for iPhone, as the expected supply chain constraints coupled with FX headwinds and a broadly weaker macro, the analyst tells investors in a research note. The firm is taking a more conservative approach to the outlook for the year, before returning to a more normalized seasonal pattern in FY24, but continues to view the stock as a core tech holding.