Monday, June 23, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Apple falls as BofA hits it with rare downgrade on worries over weaker consumer demand

by Euro Times
September 29, 2022
in Business
Reading Time: 2 mins read
A A
0
Home Business
Share on FacebookShare on Twitter


Nikada/iStock Unreleased via Getty Images

Apple (NASDAQ:AAPL) shares fell on Thursday as investment firm Bank of America hit the tech giant with a rare downgrade, citing worries over weaker consumer demand.

Analyst Wamsi Mohan lowered his rating on Apple (AAPL) to neutral from buy and cut his price target to $160 from $185, while also lowering fiscal 2023 estimates. With the stock only down 16% year-to-date compared to the broader indices, it has outperformed, but that may be coming to an end, Mohan noted.

“We see risk to this outperformance over the next year, as we expect material negative [estimates] revisions driven by weaker consumer demand (Services already in slowdown and we expect products to follow),” Mohan wrote in a note to clients.

The analyst lowered his fiscal 2023 estimates to revenue of $379B and $5.87 per share in earnings, below the consensus estimate of $412B and $6.46 per share.

Apple (AAPL) shares fell 2.5% to $146.19 in premarket trading.

Mohan noted that the iPhone 14 cycle may be weaker than anticipated as risks to consumer spending remain elevated and lead time data started to moderate, even for Pro models. There’s also concern for its near-term Services business, as there is an “incremental risk” of deceleration, even with the App Store and Licensing accounting for 60% of revenue.

Other worries include a stronger mix towards the iPhone 14 Pro not being able to offset a decline in revenue and profit if overall iPhone units decline, a reversion to pre-COVID levels fr the iPad and Mac, as well as pressure from a stronger U.S. dollar.

Mohan added that he now sees iPhone sales figures at 219M, compared to Wall Street estimates of 245M, while iPad revenue figures should be roughly $22B, well below the $31B Wall Street is expecting. Services revenue is also expected to come in below consensus estimates, at $85B compared to $88B.

Cupertino, California-based Apple (AAPL) confirmed earlier this week that it would produce some iPhone 14 units in India.

Analysts are largely cautious on Apple (AAPL). It has a HOLD rating from Seeking Alpha authors, while Wall Street analysts rate it a BUY. Conversely, Seeking Alpha’s quant system, which consistently beats the market, rates AAPL a HOLD.



Source link

Tags: AppleBofAConsumerDemanddowngradeFallshitsrareweakerworries
Previous Post

Economists now accept exchange-rate intervention can work

Next Post

Citroën invents cardboard car for resourceless world By Reuters

Related Posts

War Will Erupt In Middle East If Iran Blocks Strait Of Hormuz, Says Narendra Taneja

War Will Erupt In Middle East If Iran Blocks Strait Of Hormuz, Says Narendra Taneja

by Ananya Chaudhuri
June 22, 2025
0

In case Iran turns into profitable in blocking the Strait of Hormuz, there will likely be a full-blown struggle within...

Chopper crashes must lead up to better regulation

Chopper crashes must lead up to better regulation

by Euro Times
June 22, 2025
0

Non secular tourism should be accompanied by extra accountable governance, each within the air and on the bottom | Photograph...

Ahead of Market: 10 things that will decide stock market action on Monday

Ahead of Market: 10 things that will decide stock market action on Monday

by Riya Sharma
June 22, 2025
0

The Indian market ended within the inexperienced on Friday, snapping a three-day shedding streak, as a rally in monetary shares...

US steps into war between Israel and Iran, strikes 3 Iranian nuclear sites

US steps into war between Israel and Iran, strikes 3 Iranian nuclear sites

by zee business
June 22, 2025
0

The US army struck three websites in Iran early Sunday, inserting itself into Israel ’s conflict aimed toward destroying the...

Houthis threaten US warships in Red Sea if Trump backs Israel against Iran

Houthis threaten US warships in Red Sea if Trump backs Israel against Iran

by Euro Times
June 21, 2025
0

 The menace escalates tensions within the broader Center East as President Donald Trump continues to weigh a doable U.S. entry...

FATF Report Links Dual-Use Equipment Seized By India In 2020 To Pak’s Defence Agency

FATF Report Links Dual-Use Equipment Seized By India In 2020 To Pak’s Defence Agency

by PTI
June 21, 2025
0

A dual-use tools seized by India from a Pakistan-bound service provider vessel in 2020 is linked to Islamabad's Nationwide Improvement...

Next Post
Citroën invents cardboard car for resourceless world By Reuters

Citroën invents cardboard car for resourceless world By Reuters

UK’s Truss defends economic plan that sent pound tumbling

UK's Truss defends economic plan that sent pound tumbling

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

News Corp to extend CEO’s contract through June 2030, company says

News Corp to extend CEO’s contract through June 2030, company says

June 22, 2025
I visited Iran to see what it’s REALLY like – I ended up in hiding in terror and fleeing for my life

I visited Iran to see what it’s REALLY like – I ended up in hiding in terror and fleeing for my life

June 22, 2025
XRP, SOL, ETH, HYPE Oversold Bounce Possible If BTC Recovers

XRP, SOL, ETH, HYPE Oversold Bounce Possible If BTC Recovers

June 22, 2025
Senate Democrats Kill Provision Allowing Trump To Ignore Courts In Big Beautiful Bill

Senate Democrats Kill Provision Allowing Trump To Ignore Courts In Big Beautiful Bill

June 23, 2025
Options Market Still Tilts Bullish Despite Bitcoin’s Dip Below 0K

Options Market Still Tilts Bullish Despite Bitcoin’s Dip Below $100K

June 22, 2025
Spain reaches deal with NATO ahead of summit to be excluded from 5% defense spending goal

Spain reaches deal with NATO ahead of summit to be excluded from 5% defense spending goal

June 22, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

News Corp to extend CEO’s contract through June 2030, company says

I visited Iran to see what it’s REALLY like – I ended up in hiding in terror and fleeing for my life

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In