Apple shares slip as investment firm lowers price target
July 12, 2022
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Apple Inc. ($NASDAQ:AAPL) shares slipped on Monday after investment firm Monness, Crespi, Hardt lowered its price target on the tech giant, noting the current economic environment is like a “towering inferno” and there will be a lot of “extraordinary forces” needed to avoid further destruction. Analyst Brian White lowered his price target to $174 from $199, but still kept the firm’s buy rating, noting that Apple had a “powerful tailwind” during the pandemic, getting a boost of “unprecedented demand for Macs and iPads” and consumers purchased more of its goods and services. White lowered his third-quarter estimates, with revenue going to $85.88 billion, down from $89.3 billion and earnings per share going to $1.24 from $1.32. The current economic environment is uncertain and volatile, and it is unclear how long the pandemic will continue to affect the global economy. The full extent of the economic damage has yet to be seen, and it is possible that Apple’s sales and earnings will be impacted in the long term. However, the company has been able to weather previous economic downturns and is likely to continue to be a strong performer in the long term.
The current media sentiment is mostly mixed. Some outlets are positive, others negative, and still others are somewhere in the middle. This reflects the overall lack of consensus on the new administration.
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