Breaking News
Investing Pro 0
Last Call for Cyber Monday! Save Now on Claim 60% OFF

Apple earnings preview: Analysts continue to raise targets

Published May 01, 2023 07:23AM ET Updated May 01, 2023 07:35AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. Apple (AAPL) earnings preview: Analysts continue to raise targets
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio

Apple (NASDAQ:AAPL) is due to report later this week after the majority of other mega-cap peers mostly outperformed in the last 2 weeks.

The iPhone maker is expected to report results for the March quarter on Thursday, May 4, after market close. The Street expects Apple to report EPS of $1.43 on revenue of $92.9 billion.

Analysts are mostly positive on Apple into this week’s earnings report, although a 30.6% rally in stock year-to-date is likely to limit any big upside move.

Bank of America analysts raised the price target to $173 per share on the Neutral-rated stock as risk-reward remains balanced. They expect Apple to report “mostly inline quarter to slight beat.”

“We expect stronger iPhone demand to offset weakness in other hardware categories, and Services to benefit from subscription growth while App Store to remain weak,” the analysts said in a client note.

Wedbush analysts see Apple posting “at least in-line iPhone revenues.” The analysts are Outperform-rated on Apple stock with a $205 per share price target.

“We believe iPhone units based on a clear uptick in demand around the key China region this quarter could show some upside despite the shaky macro as higher ASPs and overall upgrade activity on iPhone Pro 14 carry the day for Cook & Co. With an App Store uptick this quarter we also believe Services revenue should be stable and combined should translate into headline numbers from Cupertino that should at least meet the Street's expectations,” they wrote.

Last week, Apple stock target was also raised at Barclays and Deutsche Bank. Barclays analysts, who hiked the target to $149 per share, expect Apple's March quarter to be in line as better iPhone revs offset weaker Macs and Services.

Barclays also forecasts a guide down for the June quarter "with revenue declining by LSD Y/Y." Overall, they argue that the Equal Weight-rated Apple stock valuation is “rich.”

"Along with the weaker consumer spending backdrop, we believe we are witnessing the catch-up from strong Covid performance across product categories. Service revenues have been decelerating as well. We see pressure to estimates and potentially PE multiple in 2023.”

Deutsche Bank analysts lifted the target to $170 per share and noted that investors appear to be "attracted by the company's quality of earnings and its strong balance sheet in an uncertain macro environment.”

Apple stock is down half a percent in premarket Monday.

Apple earnings preview: Analysts continue to raise targets

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email