Apple (AAPL) PT Lowered to $170 at Loop Capital, 'Demand, Competition and ASPs Takes Another Bite'

Loop Capital analyst Ananda Baruah lowered the price target on Apple (NASDAQ: AAPL) to $170.00 (from $185.00) while maintaining a Hold rating.

The analyst comments "Reducing our PT to $170 as we’re adjusting our AAPL estimates on the back of fresh work from Loop Capital Supply Chain Analyst John Donovan, which imply a handful of incremental yet non-positive things (covered below). In this context notably we now project AAPL overall revenue and EPS to DECLINE YoY in CY2024 for the first time since 2016 (FYI, the stock declined ~20% peak to trough). We note we’re essentially watching our 5/22/23 downgrade thesis manifest in real-time, as that was around a longer-arc of overall iPhone demand softening."

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