KeyBanc Reiterates Underweight on Apple, $250 PT
KeyBanc analyst Brandon Nispel reiterated an Underweight rating and $250 price target on Apple (NASDAQ: AAPL).
“It’s Not NT Numbers You Should Fear, It’s Slowing Unit/User Growth; We reiterate our UW AAPL.
We think the SOXX sell-off has driven a flight to safety benefitting AAPL at an inopportune time: there is a clear pullback in MNO device upgrade rates and changing GTM strategies that we think are going to have a negative impact on AAPL into iPhone 18 and beyond cycle.
We see the F3Q/F4Q numbers setup as fine as AAPL can shape the inventory position; however, as iPhone pricing rises, unit demand should fall, slowing user growth and likely slowing Services, leaving AAPL as more pricing reliant for growth.
At ~37x our FY27 P/E, AAPL appears priced for perfection.”
The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.
This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.
