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Wall Street Braces For Brutal Apple Earnings, But Top Analyst Gives 6 Reasons To Stay Bullish On iPhone Maker
Apple, Inc.’s (NASDAQ:AAPL) second-quarter results due Thursday will be used to gauge China’s softness, a bullish analyst said on Tuesday.
The Apple Analyst: Wedbush’s Daniel Ives maintained an Outperform rating and $250 price target for the stock.
The Apple Thesis: iPhone unit sales will be softer in China, with revenue potentially declining year-over-year, due to Huawei competition and a lackluster iPhone 15 upgrade cycle, said Ives in a note.
But the analyst sees light at the end of the tunnel. “The good news is help is on the way as we believe a pent-up demand cycle with an AI-driven iPhone 16 model on the horizon should enable Cook & Co. to return to growth again in China with tailwinds into FY25,” he said.
Ives said the Services business may have outperformed in the March quarter, and the segment remained the “Rock of Gibraltar for Apple.”
See Also: Everything You Need to Know About Apple Stock
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