Citi lists five reasons not to be spooked by Apple this Halloween
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Supply chain checks bolstered Citi's confidence in Apple (NASDAQ:AAPL) shares into earnings, analyst Jim Suva says.
"We are not fearful or concerned about Appleâs upcoming earnings report on October 27, despite media and investor concerns," Suva wrote in a note late Tuesday. "Apple shares have slightly outperformed the broader market, given better-than-feared results YTD, continued product launches, and positive news flow on consumer preference for higher ASP iPhone 14 Pro models."
Despite "investor & Halloween fears," there are five reasons to be positive, he said:

"Checks suggest iPhone 14 build is still on track for 2H expectations of ~90mln units, and we expect a foldable phone in 2023"
"Mix shift continues to skew away from lower-priced Android phones towards more midend and premium pricing products"
"A ~$90 bln (~4% of current market cap) stock buyback, which lends support to shares"
"Sticky services revenues and potential for more devices-as-a-service offering driving margins higher"
"New product category launches such as AR/VR headsets and Apple Car in 2025+, not currently reflected in current estimates/market cap"

Suva keeps his Buy rating on the stock with a price target of $185.
AAPL is up 0.8% in premarket trading.
SA contributor Dilantha De Silva looks at where AAPL will be in five years.