Evercore Lowers Apple Target from $210 to $180

29 JUNE 2022 - #InThisEconomy, Tuesday’s note from Evercore may have been unexpected, but it would be hard to call it surprising. It had the firm dropping its price target on Apple shares by $30. Apple 3.0 ran part of a note from the firm, filled with the usual, “It’s not Apple, it’s the planet.” Quoting the note:

Given continued volatility in the equity markets (particularly for tech stocks) due to increasing concerns surrounding a macro downturn resulting from inflation, rising rates, and geopolitical risk, we think it is worthwhile to assess the downside potential for our coverage (in the event of a recession).

Using the financial downturn in 2008/2009 as a guide, the firm lists a few reasons for the move, including:

• “Incremental F/X headwinds”

• “Slowing PC markets” for both consumers and business

• A generally “conservative stance” in the enterprise space for at least the next six-months

With that, Evercore writes, “we are lowering our price target [on Apple] from $210 to $180 to reflect increased macro uncertainty.” That said, the firm maintains an “Outperform” rating on the Cupertino-company’s shares.