Apple Inc (AAPL)

[Investors3]

Piper Sandler ups Apple stock price target to $220
Monday, July 31, 2023 11:14 am

Piper Sandler analyst Harsh Kumar in a note to clients on Monday upped the firm’s Apple price target to $220, up from its $200 target set in January 2022.

Malcolm Owen for AppleInsider.:

The June-specific comments has analysts expecting Apple to “slightly miss Street EPS expectations of $1.19 by between $0.02 to $0.04.” Overall revenue is similarly going to miss the street’s $81.7 billion estimate, by being “slightly lower.” “Overall, we feel that Apple will be able to execute in its key segments and markets for the June quarter,” the report states.

Discussing China, Apple’s iPhone is “gaining meaningful share” despite concerns about a potential slowdown. “We beg to differ and believe that the Chinese population is selectively choosing iPhones over Android devices,” Piper Sandler asserts, with “positive momentum” over the last three quarters. “We believe that the concerns about China’s slow-down for iPhone might be at a minimum relatively, if not completely, overblown.”

Piper Sandler estimates “Apple will deliver September assumptions that will match or slightly exceed street expectations” based on China and India success.

MacDailyNews Take: Currently, the analysts’ consensus calls for Apple to report fiscal Q323 revenue of $81.64 billion and EPS of $1.19 on Thursday, August 3rd.

MacDailyNews Note: As always, we’ll have Apple’s results on August 3rd right around 1:30 p.m. PT / 4:30 p.m. ET. followed by live notes from Apple’s conference call beginning at 2:00 p.m. PT / 5:00 p.m. ET.

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https://macdailynews.com/2023/07/31/piper-sandler-ups-apple-stock-price-target-to-220/