HSBC Reiterates Buy on Apple, $366 PT
HSBC analyst Nicolas Cote-Colisson reiterated a Buy rating and $366 price target on Apple (NASDAQ: AAPL).
“We retain a Buy rating on Apple with a TP of USD366 (unchanged) implying an upside of 14.4%.
We use a target 2027e non-GAAP P/E of 33.5x based on the 10-year average +2SD on our FY27e non-GAAP EPS estimate of USD11.22, to which we apply a regulatory risk discount of 2.5% (all unchanged).
Apple may continue to face supply chain bottlenecks due to high demand for its products, but we think the company is in a strong position to mitigate this as well as the cost pressure, including by applying more pricing power.
Downside risks include low take up of new AI services and competition from AI labs with new form factors that could challenge smartphones.”
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