Apple’s Price Target Raised at KeyBanc
<p>KeyBanc raised the price target for <a href='https://financialmodelingprep.com/financial-summary/AAPL'>Apple (NASDAQ:AAPL)</a> from $180 to $200 and maintained an Overweight rating on the stock. However, the analysts emphasized their neutral stance on the stock in the near term despite the long-term bullish view.</p>
<p>KeyBanc reiterated its below-consensus estimates for Apple's Hardware revenue in Q3/23. The analysts outlined two concerns regarding the stock. Firstly, Key first look data (Apple direct channel) indicated that June's Indexed Spending rose by 23% month-over-month, compared to the three-year average of 2% month-over-month. However, KeyBanc's data for June showed a 15% quarter-over-quarter decrease, worse than the three-year historical average of a 9% quarter-over-quarter decline.</p>
<p>Secondly, KeyBanc anticipates weakness in Apple's indirect channel (U.S. Carriers), with upgrade rates in the United States reaching historical lows. As U.S. sales are not performing strongly, analysts believe that international upside will be crucial for driving results.</p>

NASDAQ:AAPL