BofA analyst Wamsi Mohan lowered the firm’s price target on Apple (AAPL) to $253 from $256 and keeps a Buy rating on the shares ahead of the company reporting fiscal Q1 results after market close on Thursday, January 30. The firm expects a “strong report,” driven by initial demand for the iPhone 16, noting that its revenue estimate of $126B compares to the Street at $124B and it models iPhone units of 79M, above the Street forecast of 77M. However, the firm lowered its fiscal Q2 iPhone units estimate to 49M from 56M, partly due to the weak macro and partly due to the staggered launch of Apple Intelligence features, the analyst tells investors in a preview. BofA believes weaker iPhone sales are well understood by investors, so it reiterates a Buy rating on margin resiliency, tailwinds to gross margin, and strong cash flow.
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