Apple (AAPL) Stock Price Down 4.8% Since Q3 Earnings Release

Canaccord Genuity's Michael Walkley raised their price target on Apple (NASDAQ: AAPL) by 10.8% from $185 to $205 on 2023/08/04. The analyst maintained their Strong Buy rating on the stock.

In a review post the company's 2023/08/03 Q3 2023 earnings release, the analyst wrote "Apple delivered Y/Y growth despite the macro uncertainty and tough comps for iPhone and Mac." The iPhone maker's "solid" Q3 results showed off its market share gains in higher-end markets and its more durable consumer base during challenging macro conditions, Walkley suspects.

For Q3 2023, Apple reported: - EPS of $1.26, which beat the Zacks Consensus Estimate of $1.19 and, by 5%, Q3 2022’s $1.20. - Revenue of $81.8B, which was roughly in line with the Zacks Consensus Estimate and missed Q3 2022’s $82.96B by 1%. - Gross margin of $36.41B.

Management guided for Q4 2023: - “Y/Y revenue performance similar to Q3.” - Gross margin of 44% to 45%. - Opex of $13.5B to $13.7B.

CEO Tim Cook commented, “We are happy to report that we had an all-time revenue record in Services during Q3, driven by over 1B paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone. From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it.”

Other analysts updated AAPL on 2023/08/04: - Barclays's Tim Long raised their price target by 12.1%, from $149 and maintained their Hold rating on the stock. - Morgan Stanley's Erik Woodring lowered their price target by -2.3%, from $220 and maintained their Strong Buy rating on the stock. - Raymond James's Srini Pajjuri raised their price target by 11.1%, from $180 and maintained their Buy rating on the stock.

75% of top-rated analysts currently rate AAPL as a Strong Buy or Buy, 20.8% see it as a Hold, and 4.2% either recommend or strongly recommend selling the stock.

The consensus forecast among analysts is that AAPL's upcoming year will deliver earnings per share (EPS) of $6.32. If the analysts are right, AAPL's next yearly EPS will be up by 5.7% on a year-over-year basis.

Since AAPL's latest quarterly report on 2023/08/03, the stock price is down 4.8%. Year-over-year, the stock is up 9.8%. During that period, AAPL is outpacing the S&P 500, which is up 7.9%.

Canaccord Genuity analyst Michael Walkley is ranked by WallStreetZen in the top 5% out of 4,288 Wall Street analysts, with an average return of 10% and a 57.2% win rate. They specialize in the Technology, Communication Services, and Industrials sectors.

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch. Further, it provides AppleCare support services; cloud services store services; and operates various platforms, including the App Store that allow customers to discover and download applications and digital content, such as books, music, video, games, and podcasts. Additionally, the company offers various services, such as Apple Arcade, a game subscription service; Apple Music, which offers users a curated listening experience with on-demand radio stations; Apple News+, a subscription news and magazine service; Apple TV+, which offers exclusive original content; Apple Card, a co-branded credit card; and Apple Pay, a cashless payment service, as well as licenses its intellectual property. The company serves consumers, and small and mid-sized businesses; and the education, enterprise, and government markets. It distributes third-party applications for its products through the App Store. The company also sells its products through its retail and online stores, and direct sales force; and third-party cellular network carriers, wholesalers, retailers, and resellers. Apple Inc. was incorporated in 1977 and is headquartered in Cupertino, California.

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WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.