October 02  SEONews

Apple: Understanding The BofA Downgrade (NASDAQ:AAPL) – Seeking Alpha

Written by

Summary

  • BofA recently downgraded Apple from Buy to Neutral with a revised price target of $160 from $185.
  • As much as Apple is understood as the new gold in the volatile market, fundamentals are not immune to economic cycles.
  • Lead times for iPhone 14 are shorter than previous models, while Services revenue may moderate as global app market sees a near-term slowdown.
  • As wonderful of a business as Apple is, the stock is not always a no-brainer.

What happened?

BofA has recently downgraded Apple (NASDAQ:AAPL) from Buy to Neutral and cut its price target from $185 to $160. The firm previously had a 2023 revenue estimate of $406.5B (+4% YoY) and EPS of $6.24 (+3.5%) and has now reduced these figures to $379B and $5.87, which are lower than the current consensus of $412B and $6.46. Let’s go through the thinking behind the downgrade and discuss where things may go from here.

BofA Estimates Previous Current Diff.
2022E Revenue (mm) 391,166 390,695 -0.1%
2023E Revenue (mm)

Read Full Story: https://seekingalpha.com/article/4544228-apple-understanding-the-bofa-downgrade

The post Apple: Understanding The BofA Downgrade (NASDAQ:AAPL) – Seeking Alpha first appeared on SEO, Marketing and Social News | OneSEOCompany.com.



source: https://news.oneseocompany.com/2022/10/02/apple-understanding-the-bofa-downgrade-nasdaqaapl-seeking-alpha_2022100231963.html

Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.