Apple price target lowered to $200 from $210 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Apple to $200 from $210 and keeps a Buy rating on the shares. The analyst expects Apple’s fiscal Q4 results to be in line and sees its year-over-year revenue growth accelerating in Q1. However, Deutsche’s prior Q1 revenue estimate of up 10% year-over-year could be too optimistic as this year’s Q1 has one less week versus a year ago, while initial iPhone 15 sell-through has been mixed and increased competition in China could lead to lower iPhone sales in the region, the analyst tells investors in a research note. That said, the firm remains positive that Apple’s gross margin will improve driven by a continued mix shift toward higher-end products, strategic buy-aheads of certain components, and reduced currency headwinds. It finds Apple’s risk/reward attractive following the recent share pullback.