Wall Street Braces For Brutal Apple Earnings, But Top Analyst Gives 6 Reasons To Stay Bullish On iPhone Maker
Portfolio Pulse from Shanthi Rexaline
Wall Street anticipates challenging Q2 earnings for Apple, Inc. (AAPL) due to softness in China, competition from Huawei, and a tepid iPhone 15 cycle. However, Wedbush analyst Daniel Ives remains optimistic, citing reasons like potential growth from an AI-driven iPhone 16, strong Services segment performance, and a robust installed base. Ives maintains an Outperform rating with a $250 price target, expecting a turnaround in growth and emphasizing the importance of Apple's AI strategy and upcoming product cycles.
May 01, 2024 | 5:15 am
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Apple faces a challenging Q2 due to softness in China and competition, but analyst Daniel Ives is bullish, citing AI-driven iPhone 16 and strong Services segment as growth drivers.
Despite the anticipated soft Q2 earnings, the analyst's optimism is based on several factors that could drive Apple's growth in the near future, including the launch of an AI-driven iPhone 16, a strong Services segment, and a large installed base. These factors are expected to counterbalance the short-term challenges and potentially lead to stock appreciation.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100