Apple’s weak fundamentals to accelerate CTV ad revenue stream, says Needham

Needham analyst Laura Martin cuts her 2023 EPS view to $6.07 from $6.34 on Apple amid weak macro global consumer demand trends, supply-chain shortages, and growing geopolitical pressures between the U.S. and China which may lead to weak iPhone demand in China. Martin adds however that these weak core fundamentals will accelerate the development of a CTV ad rev stream because of its above-70% gross profit margins and its "best-in-class demographics". The analyst maintains her Buy rating and $170 price target on Apple.