Apple’s Q2 FY’23 results are expected to show a contraction in sales due to weakened demand for computing devices and challenges in the digital services business. The company’s revenue for the quarter is estimated to be about $93 billion, a 4% decrease compared to the previous year. While the availability of flagship iPhone Pro devices could offset a decline in iPhone sales, other computing devices are expected to see a slump, with Mac sales predicted to decline by close to 40.5% in Q1 2023. Apple’s services business is also expected to experience a decline in sales, with revenue growth projected to remain slow. Analysts believe that Apple stock is overvalued at current levels and value the company at about $160 per share. Investors will be closely watching the company’s results to see how it will address these challenges and regain its growth trajectory.
Apple Stock Analysis & Forecast
Apple stock is currently being targeted at an average price of $169.63 over the next 12 months, according to a forecast from 39 analysts. The average analyst rating for Apple Inc is Strong Buy, with Stock Target Advisor’s own analysis also being Bullish, based on 13 positive signals and 5 negative signals. As of the last closing, Apple Inc’s stock price was $168.54, showing a positive change of 2.91% over the past week, 2.21% over the past month, and 6.70% over the last year.
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