Evercore ISI notes Apple (AAPL) shares are down 6% versus the S&P being down 2% to start the year, which the firm attributes to “multiple investor concerns” from weak iPhone demand that could impact FY24 estimates to Apple Watch Bans and headwinds around the Google (GOOGL) DOJ case. However, the firm thinks the recent multiple compression is “overdone” and expects Apple to report results that are ahead of expectations. Shares could start to re-rate in a more positive manner as some of the fears abate and there is a shift to more positive news flow, including from VisionPro, added the analyst, who keeps an Outperform rating and $220 price target on Apple shares.
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