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6 Apple Analysts Size Up Q1 Results, iPhone Sales: ‘Major Step In The Right Direction,’ ‘Some Good And Bad News’

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Technology giant Apple Inc (NASDAQ:AAPL) beat revenue and earnings per share estimates in its first quarter-earnings report Thursday.

Here’s a look at what analysts are saying about the report and what’s next.

The Apple Analysts: Goldman Sachs analyst Michael Ng had a Buy rating and raised the price target from $223 to $232.KeyBanc Capital Markets analyst Brandon Nispel had a Sector Weight rating and no price target.Piper Sandler analyst Harsh V. Kumar had a Neutral rating and lowered the price target from $205 to $190.Oppenheimer analyst Martin Yang had an Outperform rating and price target of $200.Wedbush analyst Daniel Ives had an Outperform rating and price target of $250.Needham analyst Laura Martin had a Buy rating and price target of $220.

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Goldman Sachs on Apple: Highlights for Apple in the first quarter were iPhone, gross margins and Services for Ng.

“iPhone outperformed in the quarter driven by record upgrades and despite a MSD% (mid-single digit) yoy (year-over-year) decline in Mainland China iPhone revenue and increased competition in the region,” Ng said.

The analyst noted the iPhone 15 is “resonating with consumers,” which could foreshadow a strong iPhone 16.

Ng also highlighted that Apple is investing in generative AI efforts and the company will share more efforts on that front later this year.

KeyBanc Capital Markets on Apple: Shares of Apple could be “range-bound” for some time given a premium valuation and limited growth, Nispel said.

“We believe expectations need to move lower, yet again,” Nispel said. “With investors focused on U.S. upgrade rates and China competition, both the Americas segment and China segment came in below expectations, and we do not believe the dynamics are likely to change in the near term.”

The analyst said the key topics on theearnings callwere the low upgrade rate in the U.S. and increased competition in China.

“With our model continuing to call for very little growth in 2024, challenges we see facing the Americas segment given low U.S. upgrade rates, and competition in China, we see AAPL as range-bound and likely to perform in line with the Nasdaq at best.”

Piper Sandler on Apple: The technology giant reported an “exceptionally clean”…

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