KeyBanc Reiterates Underweight on Apple, $250 Price Target

KeyBanc analyst Brandon Nispel reiterated an Underweight rating and $250 price target on Apple (NASDAQ: AAPL).

“Plenty of Room for Downside; We remain UW AAPL and reiterate our $250 PT on mixed estimate changes.

F3Q results were mixed with iPhone/Mac coming in better than expected though offset by iPad.

Significant supply constraints and FX headwinds are expected to impact revenue going forward with memory negatively impacting margins resulting in a below consensus guide.

We continue to believe as AAPL raises prices, units are likely to decline, and it should likely show up in further slowing growth in Services.

From our standpoint, AAPL valuation at ~37x our FY27 P/ E, doesn’t reflect a shifting growth profile, among other risks.”

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