- Morgan Stanley analyst Katy Huberty saw Apple Inc (NASDAQ:AAPL) iPhone 13 and Mac strength more than offset relative underperformance in iPad and Services, leading her to expect upside to the Street's consensus March quarter (Q2) revenue forecast.
- Huberty also saw more cautious commentary on the June quarter (Q3) consensus of $86.7 billion, which appeared too high due to China's COVID lockdowns.
- Huberty had a more conservative estimate for Q3 after factoring in "lower April production/factory utilization and recent iPhone SE3 build cuts."
- Also Read: Here's How Analysts View Apple's Latest Products, Services
- Huberty looked to buy any weakness ahead of product launch catalysts she sees coming later this year.
- Intense buyback activity will continue to offer support to the stock, while the launch of iPhone 14 in the fall of 2022 and AR/VR glasses in early 2023 will serve as critical catalysts for shares.
- Huberty maintained an Overweight rating and $210 price target (25.8% upside) on Apple shares.
- Price Action: AAPL shares traded lower by 0.21% at $167.05 on the last check Wednesday.
- Photo by Jan Kuss from Pixabay
