Apple, Inc.’s (NASDAQ:AAPL) fundamentals have been on an extended lean run and the company may not have succeeded in turning things around in the March quarter, going by comments from an analyst at Needham on Tuesday.
The Apple Analyst: Laura Martin maintained a Buy rating and $220 price target for Apple stock, which implied an upside potential of over 27% from current levels.
The Apple Thesis: Citing channel checks, Martin reduced her estimates for Apple’s fiscal year 2024 second-quarter estimates, the analyst said in a note. The checks revealed lower iPhone sales and weakness in China, offset by slightly higher than previously expected iPad and Mac revenue, she said.
Needham now estimates second-quarter sales of $90.8 billion, marking a 4% year-over-year drop, and operating income before depreciation and amortization, of $31.1 billion, flat with the previous year. ...