KeyBanc keeps Overweight on Apple, says user growth more important

KeyBanc analyst Brandon Nispel remains Overweight rated on Apple shares with a price target of $177, and contends that user growth is more important than the near-term unit disruptions. Estimates trended lower throughout the quarter as more news of challenging supply chain and weaker demand were reported, where his estimates were lowered in his last update, which Nispel feels is conservative. The analyst believes the set-up for Q1 2023 could be less bad than feared where he expects investors to look beyond near-term challenges to Hardware growth.