‘Flight-to-safety’ could trump Apple fundamentals, says JPMorgan

JPMorgan keeps an Overweight rating on Apple with a $190 price target heading into the company’s results on Thursday. The analyst expects worsening macro sentiment and investors favoring "flight-to-safety positioning" could triumph any headwinds on the company’s fundamentals, to the extent they do not deteriorate materially. The firm believes investors are looking for a stabilization of revenue trends, although at a much lower pace of growth. Apple’s valuation multiple is "not egregious" when accounting for depressed earnings power driven by the consumer pullback, the analyst tells investors in a research note.