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Apple’s Price Target Slashed at Loop Capital

Loop Capital analysts revised their 12-month price target for Apple (NASDAQ:AAPL) to $170 from $185, attributing the adjustment to diminished demand, heightened competition, and static iPhone Average Selling Prices (ASPs).
In light of these factors, the firm also reduced its revenue and earnings forecasts for Apple in the 2024 calendar year.
Loop Capital warned that short-term projections for Apple, including the consensus estimates for iPhone sales, overall revenue, and EPS for the March quarter, might be overly optimistic, with the June quarter presenting considerable uncertainty.
The analysis underscored that a decline in iPhone unit sales can be attributed to diminished organic demand and intensified competition. Moreover, Apple faces a plateau in iPhone ASPs for the first time in several years due to slower growth in capacity and a less advantageous product mix.

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