Goldman's Rod Hall slashes Apple target $27 to $130

From Martin Baccardax' "Apple Stock Higher Amid Tech Boost;  Goldman Price Target Cut Clouds MacBook News" posted Wednesday:

Apple shares moved higher Wednesday after a downgrade from Goldman Sachs and news that its new MacBook Air will begin shipping to customers by the end of next week.

Apple said the new MacBook, which carries a company-designed M2 chip, will be available for orders on Friday July 8, with the first customer deliveries slated for July 15. The MacBook Pro, an undated 13-inch version of the Apple-made laptop, has been available since June 17.

Goldman Sachs analyst Rod Hall, however, cautioned that hardware and device sales, the bulk of Apple revenues, could be at risk if the global economy were to tip into recession.

Hall lowered his price target on Apple by $27 a share, to $130 each, while holding his "neutral" rating in place, in anticipation of a 2% annual decline in group revenues over the next two fiscal years...

Apple will report its fiscal third quarter earnings on July 28. Early estimates suggest revenues in the region of $82 billion and a bottom line of $1.16 per share.

Maintains Neutral rating, lowers price target to $130 from $157. 

My take: Note that Hall, a perennial Apple grouch, has lowered his target from a little below where it was when he last set a target to a little below where it is now. I've asked to see the note; not holding my breath.

5 Comments

  1. David Emery said:
    This guy isn’t worth the electrons.

    3
    July 6, 2022
  2. Michael Goldfeder said:
    Anything with the name Rod Hall attached to it defies the glass half full or half empty approach. With Rod, it’s constantly “Armageddon for Apple” with any item of the day from the world of business, commerce, or economics. “Could be at risk if the global economy were to tip into recession.”

    How about: “Could be at risk during a global pandemic.” “Could be at risk due to ongoing climate change.” Could be at risk if Notre Dame joins a conference.” “Could be at risk if Notre Dame doesn’t join a conference.”

    Rod Hall needs to join the “French Foreign Legion!” Regardless of what conference they currently are aligned with at the moment.

    2
    July 6, 2022
  3. Steven Philips said:
    I thought the article’s first sentence was all that needed to be said. IF you moved the period.
    “Apple shares moved higher – after a downgrade by Goldman Sachs.”
    The whole world is getting wise to The Rod! 🙂

    2
    July 6, 2022
  4. Jonny T said:
    Another chance for Rod the Wrong to prove his incredible credentials.

    0
    July 7, 2022
  5. Greg Lippert said:
    Confirms that all signs point for the stock to rebound

    2
    July 7, 2022

Leave a Reply