2

UBS lowers Apple stock to 'neutral' from 'buy,' raises target price to $190 from...

 1 year ago
source link: https://macdailynews.com/2023/06/13/ubs-lowers-apple-stock-to-neutral-from-buy-raises-target-price-to-190-from-180/
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
neoserver,ios ssh client

UBS lowers Apple stock to ‘neutral’ from ‘buy,’ raises target price to $190 from $180

Tuesday, June 13, 2023 9:12 am5 Comments

UBS Group AG in a note to clients on Monday lowered its Apple stock rating to “neutral” from “buy,” while raising its Apple target price to $190 from $180.

Apple logo

Subrat Patnaik for Bloomberg News:

Even as Apple Inc.’s shares have powered their way to a fresh record high, worries over cooling demand for iPhones and sputtering growth at its services business have left the biggest US company with the fewest bullish analyst ratings in more than two years.

UBS Group AG is the latest broker to take a step back, cutting the technology behemoth this week to neutral from buy. That leaves Apple with buy ratings from 67% of the analysts who follow the company, the lowest since late 2020 and the worst among megacap peers, according to data compiled by Bloomberg.

iPhone and Mac demand could come under pressure in the second half of the year, while growth at its services unit —- which includes the app store, Apple Music, Apple TV and other subscription products — is slowing, UBS’s David Vogt said in a report dated Monday.

While he nudged his price target on the stock higher to $190 from $180, this implies only a 3% gain from Monday’s close.

“We do not believe Apple shares offer a compelling risk/reward particularly in light of soft iPhone, PC, and app store fundamentals over the next 6-12 months,” Vogt wrote.

MacDailyNews Note: On August 31, 2020, when Apple hit a new all-time intraday high of $131.00, its P/E Ratio stood at 39.15. Apple’s PE Ratio, at a new all-time closing high of $183.79 on Monday, stands at 31.15.

Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!

Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.

[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]


About Joyk


Aggregate valuable and interesting links.
Joyk means Joy of geeK