(News Bulletin 247) – Bank of America announced on Wednesday that it had raised its price target on Apple from $190 to $210 despite the downward revision of its iPhone shipment forecasts for the current fiscal year.
The analyst justifies the greater caution of his objectives by the current weakening of demand and the prospect of a postponement of the launch of the iPhone 15, while specifying that he has revised upwards his estimate of deliveries of devices for the financial year 2023/2024.
In addition, he underlines, the Californian giant’s services activity should quickly recover thanks to a more favorable base effect and an improvement in fundamentals.
In conclusion, BofA said to reiterate its ‘neutral’ opinion on the title, believing that the positive effect linked to the launch of new products is for the moment neutralized by the weakness of consumption in the short term.
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