Apple has lost more than 20% this year, but Citi has six reasons to think its share price will rise in 2023.
Apple has lost more than 20% this year, but Citi has six reasons to think the tech giant's stock will rise in 2023. "We believe demand for Apple's products and services is likely to remain resilient throughout FY23," analyst Jim Suva said in a note Tuesday. "We do recognize that regulatory risks remain a major overhang on the stock, but we view these as headline risk rather that fundamental risk.
Suva said Apple isn't the firm's top stock pick, but it's maintaining its buy rating and $175 price target on it for these six reasons: It's optimistic about growth coming from India It doesn't see yearly iPhone revenues being negative after December Services revenues should grow as currency headwinds ease It expects a new product launch, an Apple AR/VR headset, in 2023 Negative impact from potential alternative app stores will be limited It expects the tech company to...
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