(CercleFinance.com) – BofA reduced its price target on Apple on Thursday, bringing it back from $215 to $200, while reiterating its buy recommendation on the stock.
In a research note, the American bank justifies the lowering of its target by the slowdown in global economic growth and the supply problems currently affecting the industry.
It nevertheless raises its iPhone delivery forecasts for the 2022/2023 and 2023/2024 financial years.
For the current fiscal year, BofA raises its estimate to 231 million units, against 222 million so far, while its target for the following year increases from 230 to 237 million devices.
In its study, the firm recalls that investors tend to worry about the specificity of the mobile telephony market, which often sees its leaders encounter only ephemeral glories (Nokia, Blackberry, Motorola, etc.).
BofA explains that this is not the case of Apple which, thanks to an installed base of some 230 million users which allows it to offer a growing range of services, deserves to trade on the basis of a premium on the stock market. .
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