A Wall Street analyst on Wednesday cut his price target for Apple (AAPL) stock amid reports of lackluster iPhone 15 sales.
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Deutsche Bank analyst Sidney Ho reiterated his buy rating on Apple stock but trimmed his price target to 200 from 210.
On the stock market today, Apple stock fell 1.4% to to close at 171.10.
Ho said his September-quarter revenue estimate was too high, given indications of soft smartphone sales. Apple plans to release its fiscal fourth-quarter results on Nov. 2.
“Initial iPhone 15 sell-through has been mixed and increased competition in China could lead to lower iPhone sales in the region,” Ho said in a client note.
Waning Demand For iPhone 15
Elsewhere on Wall Street, UBS analyst David Vogt maintained his neutral rating on Apple stock with a 190 price target.
In a note to clients, Vogt said iPhone 15 supply has caught up with demand.
“Wait times for the base and Plus models are largely nonexistent, essentially in-line with last year across the U.S., China, Europe and Japan after materially elevated wait times immediately post launch,” Vogt said.
He added, “The deterioration in wait times at the low end that are now consistent with last year suggests demand continues to wane with only the Pro Max showing any resiliency.”
Apple Stock News: Mac Event
The next potential catalyst for Apple stock could be a product launch event set for late Monday. Analysts expect the Cupertino, Calif.-based company to unveil new iMac desktop computers at the event. The new Macs could include Apple’s new M3 processor.
In other news, Apple on Wednesday announced price increases for multiple subscription services.
Apple increased the price of Apple TV+ to $9.99 a month from $6.99. It hiked the price of its Apple Arcade video game service to $6.99 a month from $4.99. And it boosted the price of Apple News+ to $12.99 a month from $9.99.
Apple also raised the prices on its Apple One bundles. The individual bundle moves to $19.95 a month from $16.95. The family bundle goes to $25.95 a month from $22.95. And the premier bundle jumps to $37.95 a month from $32.95.
Price Increases Are ‘Underappreciated’ Lever
“Price increases are an underappreciated upside lever Apple can pull on both products and services going forward,” Evercore ISI analyst Amit Daryanani said in a client note. He rates Apple stock as outperform with a price target of 210.
Apple stock has an IBD Composite Rating of 80 out of 99, according to IBD Stock Checkup. IBD’s Composite Rating is a blend of key fundamental and technical metrics to help investors gauge a stock’s strengths. The best growth stocks have a Composite Rating of 90 or better.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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