Why Apple Shares Are Sliding Over 2% Premarket Today
Portfolio Pulse from Shanthi Rexaline
Apple Inc. reported better-than-expected Q4 results for fiscal year 2023, but shares slid over 2% in premarket trading due to a continued decline in year-over-year revenue for the fourth consecutive quarter. CFO Luca Maestri expects flat revenue for the December quarter, contrary to the consensus expectation of a 5% growth. However, Wedbush analyst Daniel Ives remains optimistic, reiterating an Outperform rating and a $240 price target on the stock.
November 03, 2023 | 12:04 pm
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Apple's shares slid over 2% in premarket trading due to a continued decline in year-over-year revenue. Despite this, Wedbush analyst Daniel Ives remains optimistic about the company's future performance.
Apple's shares are likely to be negatively impacted in the short term due to the continued decline in year-over-year revenue and the expectation of flat revenue for the December quarter. However, the company's long-term prospects may remain strong, as indicated by the Wedbush analyst's Outperform rating and $240 price target.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100