Morgan Stanley analyst Erik Woodring maintained Apple Inc (NASDAQ:AAPL) with an Overweight rating and lowered the price target from $220 to $210.
Woodring noted a similar earnings setup to 3 months ago, as he anticipated a slight upside to March quarter revenue but a reasonably sizable June quarter guide-down vs. consensus.
The analyst anticipated that this market would punish such a print. However, relative to three months ago, Apple’s share price is 12% lower, the valuation is 2.5x turns lower, and buy-side sentiment and positioning are more harmful.
He noted that the June quarter buy-side “Consensus” is $78.5 billion – $81.5 billion of revenue and $1.20 ...