Friday, January 6, 2023 10:57 amNo Comments

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Wedbush Securities analyst Daniel Ives this week lowered his price target for Apple from $200 to $175, but maintained his firm’s “Outperform” rating and remains optimistic about the long-term for the stock.

Dylan Croll for Yahoo Finance:

“Tech is enemy number one on Wall Street. And Apple has a bullseye on its back, with fears around softening demand into 2023,” Ives told Yahoo Finance. But, as he said in the investors note: “We believe the overall demand environment is more resilient than the Street is anticipating.”

“Apple remains the laser focus of the tech bears as this name has held up much better than the rest of the beaten down tech sector over the past year,” Ives said.

But Ives is confident the company will see relatively strong demand going forward.

“While roughly 8 million to 10 million iPhone units got pushed out of the December quarter due to supply chain issues, that should be a benefit in the March quarter as we do not see this demand evaporating but rather moving into 2023,” Ives said in the investor’s note.

He also pointed to the company’s strong global installed base, which grew 9.9% year over year to just over 2 billion in 2022, according to S&P Global Market Intelligence.

“Our view is that it’s a Rock of Gibraltar stock that’s going to hold up better than the rest of tech, because of its installed base,” Ives told Yahoo Finance.

MacDailyNews Take: Yup.

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