Apple price target lowered to $175 from $180 at JPMorgan

JPMorgan analyst Samik Chatterjee lowered the firm’s price target on Apple to $175 from $180 and keeps an Overweight rating on the shares. The company’s fiscal Q1 results highlighted a "rare" earnings miss, led by a "plethora of headwinds," including currency pressures, supply constraints from COVID-19 lockdowns in China, as well as broader macro challenges, such as inflation and the conflict in Eastern Europe, the analyst tells investors in a research note. The firm says Apple’s guidance reflects a "deeper down-cycle" in consumer hardware, including in smartphones and PCs. However, the outlook embeds a fair degree of conservatism from Apple, contends JPMorgan. It believes the setup for the shares could be better than it was heading into this print, "with a more material de-risking of investor expectations."