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2023-07-11

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Apple Analyst Raises Price Target To $200 Despite US Sales Not Tracking Great: Here's Why

ZINGER KEY POINTSApple's U.S. hardware revenue is estimated to decline 19% sequentially in FQ3. steeper drop than historical norms: KeyBancThe firm sticks with its bullish stance due to the excitement

Apple Analyst Raises Price Target To $200 Despite US Sales Not Tracking Great: Here's Why

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H.. .. c","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/196792811897048","repostId":1188302552,"repostType":2,"repost":{"id":"1188302552","kind":"news","pubTimestamp":1689078654,"share":"https://www.laohu8.com/m/news/1188302552?lang=&edition=full","pubTime":"2023-07-11 20:30","market":"us","language":"en","title":"Apple Analyst Raises Price Target To $200 Despite US Sales Not Tracking Great: Here's Why","url":"https://stock-news.laohu8.com/highlight/detail?id=1188302552","media":"Benzinga","summary":"ZINGER KEY POINTSApple's U.S. hardware revenue is estimated to decline 19% sequentially in FQ3. steeper drop than historical norms: KeyBancThe firm sticks with its bullish stance due to the excitement","content":"<html><head></head><body><h4 id=\"id_530986582\" style=\"text-align: start;\">ZINGER KEY POINTS</h4><ul><li><p><strong>Apple&#39;s U.S. hardware revenue is estimated to decline 19% sequentially in FQ3. steeper drop than historical norms: KeyBanc</strong></p></li><li><p><strong>The firm sticks with its bullish stance due to the excitement around new products and investors reaching for safety.</strong></p></li></ul><p>Tech giant <strong>Apple, Inc.</strong>‘s fiscal third quarter may have seen soft hardware revenue, an analyst at <strong>KeyBanc Capital Markets </strong>said.</p><p style=\"text-align: start;\"><strong>The Apple Analyst:</strong> <strong>Brandon Nispel </strong>maintained an Overweight rating and increased the price target for the stock from $180 to $200.</p><p style=\"text-align: start;\"><strong>The Apple Thesis: </strong>KeyBanc&#39;s hardware revenue estimate for Apple is below the consensus estimate, analyst Nispel said in a note. The muted expectation, according to the analyst, is due to lukewarm consumer spending data for the June quarter and the softness in Apple&#39;s indirect channel, namely sales through U.S. carriers.</p><p style=\"text-align: start;\">KeyBanc First Look Data compiled based on the firm&#39;s proprietary analysis of big-ticket spending data from more than 1.8 million unique KeyBanc credit and debit card customers in the U.S. showed that indexed spending remained below the historical average, the firm said.</p><p>Apple will likely report a U.S. hardware revenue decline of 19% quarter-over-quarter in the June quarter, worse than the three-year historical average of a 9% drop, the analyst noted. Therefore, the analyst sees a downside to the consensus estimate.</p><p style=\"text-align: start;\">KeyBanc also noted that domestic iPhone sales were pressured by slowing U.S. carrier activity and lower upgrade rates.</p><p style=\"text-align: start;\">“With U.S. sales not tracking great, upside Internationally needs to drive results,” it said.</p><p style=\"text-align: start;\">The bull case for the stock is due to the excitement around new products and investors reaching for safety, which supports an elevated multiple, the firm added.</p><p style=\"text-align: start;\"><strong>Price Action</strong>: Apple closed Monday&#39;s session down 1.09% at $188.61.</p><p></p></body></html>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Analyst Raises Price Target To $200 Despite US Sales Not Tracking Great: Here's Why</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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The muted expectation, according to the analyst, is due to lukewarm consumer spending data for the June quarter and the softness in Apple's indirect channel, namely sales through U.S. carriers.KeyBanc First Look Data compiled based on the firm's proprietary analysis of big-ticket spending data from more than 1.8 million unique KeyBanc credit and debit card customers in the U.S. showed that indexed spending remained below the historical average, the firm said.Apple will likely report a U.S. hardware revenue decline of 19% quarter-over-quarter in the June quarter, worse than the three-year historical average of a 9% drop, the analyst noted. Therefore, the analyst sees a downside to the consensus estimate.KeyBanc also noted that domestic iPhone sales were pressured by slowing U.S. carrier activity and lower upgrade rates.“With U.S. sales not tracking great, upside Internationally needs to drive results,” it said.The bull case for the stock is due to the excitement around new products and investors reaching for safety, which supports an elevated multiple, the firm added.Price Action: Apple closed Monday's session down 1.09% at $188.61.","news_type":1},"isVote":1,"tweetType":1,"viewCount":146,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":9,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}