Apple: Bofa reduces its target before the results


(CercleFinance.com) – Bank of America reduced its price target on Apple stock on Friday, bringing it down from 154 to 153 dollars in view of the publication, Thursday, February 2, of the Californian giant’s quarterly results.

In a research note, the analyst recalls that the technology group is expected to post lower sales for its quarter ending at the end of December, despite one more week compared to the previous year.

According to BofA, the performance of the firm at the apple could well prove to be lower than expected, even if analysts have tended to revise their estimates downwards in recent weeks.

“The tone of the conference call will prove essential in order to understand the trajectory adopted by demand, after a quarter at the end of December penalized by shortages of components on the high-end iPhone Pro models”, underlines the intermediary.

But the professional notes that the availability of the iPhone has recently normalized, which he believes could signal a deceleration in demand over the first six months of 2023.

This phenomenon could however be more than compensated, according to him, by a re-acceleration of the activity in the services on bottom of vigor of the video games or of good resistance of the advertising market.

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