Apple cut to Sell at LightShed on more conservative outlook for iPhone sales

As previously reported, LightShed Partners downgraded Apple to Sell from Neutral with a $120 price target, citing below consensus estimates given the firm’s more conservative outlook for iPhone sales and moderating growth expectations in Services revenue. The lengthening of the smartphone replacement cycle will persist into calendar 2024, contends the firm, which also sees increased risk to iPhone sales in China due to retaliation related to a worsening relationship between the U.S. and Chinese governments.