KeyBank cuts Apple target $18 to $173

From TheFly, which snagged the note Tuesday from analyst Brandon Nispel:

KeyBanc analyst Brandon Nispel lowered the firm's price target on Apple to $173 from $191 and keeps an Overweight rating on the shares. The firm's Key First Look Data suggests Apple Hardware revenue is below consensus for Q3, Nispel tells investors in a research note. The analyst sees a difficult setup for Q3, though believes that is largely priced in, and says supply chain constraints and China lockdowns alleviating.

Maintains Overweight rating, lowers price target to $173 from $191. 

My take: The cuts roll in. KeyBanc follows Goldman Sachs (to $130) and Monness Crespi Hardt ($174).

7 Comments

  1. Couldn’t be bothered to wait until July 28, when actual results are released. Better to change his target on good ol’ rumors and innuendo.

    1
    July 12, 2022
  2. Steven Philips said:
    I’ve forgotten way too much grammar, but it doesn’t feel like a proper use of “alleviating”.

    0
    July 12, 2022
    • Charles A. said:
      Probably meant “easing up.”

      0
      July 14, 2022
  3. Daniel Epstein said:
    Does anyone buy Apple Stock for 3rd Quarter results regardless of supply constraints, China worries and Ukraine situation? So this price target cut still gives Apple a pretty good upside if we believe the stock will return to $173 within a year. Actually seems low somehow. So far all these cuts seem to be based on judging the bad market mood and not really much difference in Apple’s potential business opportunities.

    1
    July 12, 2022

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