Apple posted its first sales drop since 2019, but analysts say the tech titan's stock is still set to climb nearly 30% over the next year
The stock was up about 1% as Friday trading got underway, but it had been down as much as 2.7% during premarket trade.
"In a nutshell, we would be buyers of this unique tech stalwart and believe Cupertino is a Rock of Gibraltar tech stock in a stormy macro," he said. Demand in the Chinese market into 2023 and potential for gross margin expansion supported Wedbush's decision to raise its Apple price target to $180 from $175 and maintain its outperform rating. "We also note that Apple now has an installed base of 2 billion devices with roughly 1.2 billion iPhones worldwide.
He said Apple offered"guiderails for modelling" in the coming quarter and that its March revenue growth view is below the $96.9 billion consensus estimate. The Jefferies analyst said it expected to see iPhone units coming in below Street expectations but higher average selling prices helps and carries forward into the March quarter. Manufacturing output normalizing is also among the catalysts for the stock.
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