UBS analyst David Vogt has maintained their neutral stance on AAPL stock, giving a Hold rating on August 21.
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David Vogt has given his Hold rating due to a combination of factors influencing Apple’s market performance. Notably, while iPhone sales in the US showed resilience with a 7% month-over-month increase, driven by aggressive carrier promotions, the overall global performance was mixed. The US market’s strength was contrasted by a significant decline in China, where iPhone’s market share dropped to its lowest since July 2021, reflecting ongoing macroeconomic challenges.
Moreover, while Apple’s global iPhone share saw a year-over-year increase, it experienced a month-over-month decline, suggesting potential headwinds in sustaining growth momentum. The demand for higher-end models like the Pro series appears to be waning, which could impact future revenue streams. These mixed signals from different regions and product lines contribute to the Hold rating, indicating a cautious outlook on Apple’s near-term stock performance.
In another report released on August 21, Loop Capital Markets also reiterated a Hold rating on the stock with a $226.00 price target.