KeyBanc Lowers Apple target to $173

13 JULY 2022 - The downward slope continues for Apple price targets. Reassessing Tuesday, KeyBanc analyst Brandon Nispel. A short post from The Fly indicated a tiny bit of a mixed message form the analyst. According to the piece, KeyBanc data “suggests Apple Hardware revenue is below consensus for Q3…” While Nispel “sees a difficult setup for Q3,” he also thinks that’s “largely priced in” to the Apple story today - hence my mixed message comment.

The note is not without its positives. For one, the analyst indicates that issues born of supply constraints and COVID-related lockdowns in China are alleviating. For another, he’s still “Overweight” on the shares. His previous price target of $191 in the next 12-months looks a little high from here, though. Nispel used Tuesday’s note to lower KeyBanc’s price target on Apple shares to $173.