KeyBanc Repeats Underweight on Apple, $250 PT
KeyBanc analyst Brandon Nispel reiterated an Underweight rating and $250 price target on Apple (NASDAQ: AAPL).
“Our KFLD shows Indexed Spending +9% m/m, which is above the three-year avg of +2% m/m. We think this data point is relatively neutral for AAPL.
We think expectations NT are reasonable; we are Underweight as we see higher unit prices slowing user growth, which is ultimately going to slow Services.
Further, we expect investors to pay a lower multiple for price- vs. volume-led growth where with AAPL trading at 34x P/E vs. the three-year avg of 28x, valuation compression is also likely.”
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