Apple seeing 'limited impact' from macro worries, demand above estimates: Jefferies
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Apple (NASDAQ:AAPL) is seeing only a "limited" impact from global economic worries, investment firm Jefferies said on Thursday, while adding certain demand trends are tracking above estimates.
Analyst Kyle McNealy, who has a buy rating and per-share price target of $195 on Apple (AAPL), noted that page traffic to wireless carrier website is "tracking ahead" of normal seasonality, up 2% month-over-month, and above Wall Street's expectations for the iPhone.
He also looked at site traffic on Apple's (AAPL) home page and found it is "running well ahead of consensus," with the Mac seen as a big standout after the company announced a new MacBook Pro, Mac mini and new M2 chips in January.
"We think expectations are more conservative on macro than Apple is seeing driving opportunity for outperformance," McNealy wrote in an investor note.
The analyst added the average selling price and margin benefit from increased iPhone Pro sales that were pushed from the past quarter to this quarter, along with filling channel inventory, should help the company's results this quarter.
Apple (AAPL) shares fell nearly 1% in premarket trading on Thursday.
Earlier this week, Apple (AAPL) was included on a list put together by investment firm Bank of America that it believes will benefit from the rise of artificial intelligence.