Nasdaq AAPL Apple

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Apple (NASDAQ: AAPL), like most of its tech peers, witnessed a selloff in its stock. However, what stands out for Apple is the strong demand for its products and services. Now, Monness analyst Brian White, who maintains a Buy recommendation on AAPL stock, sees the growing list of macro headwinds to slow Apple’s growth. 

Factors to Hurt Apple’s Growth

White stated that the demand for Apple’s products gained significantly from the COVID-led work-from-home mandates. Moreover, as consumers saved on outdoor and travel expenses due to the restrictions, this further fueled demand. 

However, economic reopening, supply challenges, recession fears, geopolitical crisis, and inflationary pressure on consumers could slow Apple’s growth. 

White lowered his Q3 revenue and full-year revenue and EPS estimates. As a result, the analyst cut Apple’s price target to $174 from $199. 

Highlighting the upcoming iPhone cycle and the anticipated launch of iPhone 14 in September, White stated, “With a weaker economy and inflationary forces eating into budgets, consumers may be more apprehensive about buying Apple’s upcoming iPhone innovation in the fall, possibly waiting until this economic inferno has passed before making such a purchase.”

Though White reduced his price target and estimates, he believes that “Apple’s portfolio has never been stronger and its platform more ubiquitous.” 

Including White, AAPL stock has received 22 Buy recommendations. Moreover, it has got six Hold recommendations for a Strong Buy rating consensus. Further, the average Apple price target of $183.05 implies 21.5% upside potential.

Bottom Line

The pressure on consumer spending and supply shortages could impact Apple’s Q3 performance. Management projected that supply constraints would affect its ability to meet demand, resulting in a revenue headwind of $4 billion to $8 billion in Q3. Further, uncertainty related to COVID in China, adverse currency movements, and geopolitical challenges in Europe will hurt its growth. 

Barring near-term headwinds, strong demand for its products, new product launches, and Buy Now Pay Later offerings bode well for growth. 

According to our data-driven stock score, Apple stock has an Outperform Smart Score of 9 out of 10.

Disclosure 

For Immediate Release Chicago, IL – July 13, 2022 – Today, Zacks Investment Ideas feature highlights Apple AAPL, Occidental Petroleum OXY and HP HPQ.

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