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Benzinga

Business

Anusuya Lahiri

Here's Why JPMorgan Trimmed Apple's Earnings Outlook

Apple JPMorgan Samik Chatterjee AAPL Services App Store Covid-19 Nasdaq China

JPMorgan analyst Samik Chatterjee sees consumer spending restricting the upside expectations from Apple Inc's (NASDAQ: AAPL) launch of the iPhone SE3 and will likely limit the magnitude of upside to iPhone 13 and App Store revenue in Services.
Chatterjee trimmed earnings forecasts for Apple, led by a "modest haircut" to revenue growth estimates for iPhone and Services.
However, the overall reduction in estimates is "fairly modest given the resilience" of high-end smart smartphones, tablets, and laptops to the broader slowdown in consumer spending.
Also Read: Apple iPhones Led Smartphone Sales As 5G Handsets Formed Over 50% Of Sales
He kept an Overweight rating on Apple with a $210 price target (22.2% upside).
Other analysts saw Apple tide through the Covid resurgence in China as its peers perished.
Price Action: AAPL shares traded lower by 0.71% at $170.63 in the market session on the last check Thursday.

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