JP Morgan ups Apple price target to $190 Wednesday, April 19, 2023 4:03 pm
JP Morgan analyst Samik Chatterjee on Wednesday maintained an “Overweight” rating on AAPL shares and increased his Apple price target from $175 to $190.
William Gallagher for AppleInsider:
“Expect Mar-Q beat to targets on iPhone revenue tailwinds from channel inventory build,” says the firm in a note seen by AppleInsider. “We are modestly raising our revenue and earnings forecast for the Mar-Q to $94.9 bn/$1.49 from $92.7 bn/$1.44 (vs. consensus of $92.5 bn/$1.43).”
JP Morgan says that this “improved Mar-Q outlook is led by” its estimate that Apple will produce around 58 million iPhones instead of the previously expected 54 million. This is “led by tailwinds from the channel building inventory over the past ninety days, and is partially offset by weaker demand for other Hardware categories.”
“We are raising our Dec-23 price target to $190 vs. $175 prior, despite lower earnings estimates,” continue the analysts, “as we see the earnings multiple expanding in response to the resilient positioning.”
MacDailyNews Note: Apple has an average outperform rating and price target range of $116 to $210, according to analysts polled by Capital IQ.
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