Loop Capital analyst Ananda Baruah lowered the firm’s price target on Apple (AAPL) to $275 from $300 and keeps a Buy rating on the shares. The firm is adjusting its 2024-2026 estimates for the company’s iPhone revenue, unit sales, and average selling prices – ASPs – lower while also noting that the assumed 32-times forward earnings multiple on the stock is at the higher end of its post-COVID 20- to 35-times multiple range, the analyst tells investors in a research note. Loop now sees 2024 iPhone revenue at $200.9B vs. $209.1B prior, 2025 revenue at $211.0B vs. $226.5B prior, and 2026 revenue at $223.9B vs. $238.9B prior. The firm is also cutting its 2024 Unit forecast to 220.2M vs. 224.3M with ASP of $912 vs. $932 prior, 2025 units at 226M vs. 241.2M prior with ASP of $934 vs. $939 prior, and 2026 units at 240M vs. 247M prior with ASP of $933 vs. $967 prior.
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