Apple stock is a top pick for 2023 - Evercore - MacDailyNews
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Apple stock is a top pick for 2023 – Evercore
The current headwinds hitting Apple stock are transitory, Evercore ISI analyst Amit Daryanani wrote Friday, naming it as one of his top six IT hardware and networking stock picks for 2023.
“While we understand investors are concerned about the near-term iPhone outlook given manufacturing disruption issues in China, we see any headwinds as transitory and investors should remain focused on the long term opportunity,” Daryanani wrote.
He remains focused on other areas of revenue growth for Apple, including its wearable products, such as watches and AirPods, and its services segment. New product launches should also help the company down the line, he added.
“Services has a clear path to $136 billion in revenue by full year 2026…, which will drive margin expansion and help smooth out the cyclicality inherent in the hardware business,” he wrote. “Wearables also has a robust growth outlook, with a path to $70 billion in revenue.”
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