Apple: Credit Suisse lowers its iPhone estimate

( – Credit Suisse maintains its Outperformance opinion and its price target of $184.

‘ We remain positive about the long-term opportunity for Apple, given its installed base of more than 1.8 billion units, its focus on increasing the service mix and the opportunity to gain market share in developing markets,” begins the analyst.

Apple’s production issues at Hon Hai factory in Zhengzhou dampen enthusiasm: ‘We believe these issues will reduce Y23 first-quarter revenue and earnings per share.’ Even though the results of the second quarter of the year 23 ‘ will benefit from the resulting order book ‘.

‘ We are lowering our Q1 2023 iPhone estimate by approximately 7 million to 69 million units, leaving total Q1 23 revenue at $121.66 billion, down 2% from compared to the previous year’, continues Credit Suisse.

The analyst also expects Apple to maintain operating expenses. “As a result, we are reducing our EPS to $1.92, down 8% year-over-year and 7% from our previous estimate. ‘

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