Wells Fargo near-term cautious on Apple into upcoming Q1 earnings

With Apple’s shares up 12% year-to-date and signs of increasing consumer demand weakness, Wells Fargo is near-term cautious on the name into the company’s upcoming Q1 earnings. The firm moves 2023 revenue and EBIT estimates to 5%/8% below Street, respectively. Wells Fargo has an Overweight rating on the stock with a price target of $185.