From Erik Volkman's "Why the Shine Was Off Apple Stock Today" posted Thursday on the Motley Fool:
In a new note to clients, Brandon Nispel, an analyst at KeyCorp's (KEY -3.47%) KeyBanc, revealed that payment card data from customers of the bank showed that spending on Apple products declined notably in May. On a month-over-month basis, this fall was 8%, quite a contrast to the three-year monthly average increase of 6%.
Nispel added that the drop was the weakest May showing, even taking into account the pre-pandemic era. In Nispel's estimation, this indicates weakening demand for Apple goods throughout the U.S.
In spite of this recent data, based on his estimates portending continued growth, the prognosticator is maintaining his overweight (buy) recommendation on Apple stock. Nispel is also keeping his $191 per share price target.
My take: Volkman may be right about why Apple got clobbered yesterday, but the 8% falloff in purchases says more about the state of the economy than it says about Apple.