Will Apple Beat the Odds? Citi Says Yes, KeyBanc Raises Eyebrows
Portfolio Pulse from Anusuya Lahiri
Citi analyst Atif Malik maintains a Buy rating on Apple Inc (AAPL) with a price target of $230, citing potential double-digit EPS and FCF growth, gross margin expansion, iPhone premiumization, acceleration in services sales, and silicon insourcing benefits. KeyBanc analyst Brandon Nispel maintains a Sector Weight rating, expressing concerns over below-average growth for Q1 FY24 based on his Key First Look Data, which shows a decline in Indexed Spending. Nispel finds AAPL expensive at its current trading multiple compared to historical and peer averages, projecting Q1 revenue and EPS of $116.8 billion and $2.07. AAPL shares traded slightly lower at $197.50.

December 14, 2023 | 7:21 pm
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NEUTRAL IMPACT
Citi analyst Atif Malik is optimistic about Apple's future growth and maintains a Buy rating with a $230 price target. KeyBanc's Brandon Nispel is more cautious, maintaining a Sector Weight rating and projecting below-average growth for Q1 FY24.
The contrasting views from Citi and KeyBanc analysts create uncertainty about Apple's short-term performance. While Citi's positive outlook could support the stock, KeyBanc's caution and the note on AAPL's high valuation could temper investor enthusiasm, leading to a neutral short-term impact.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100