Apple slips as J.P. Morgan calls near-term estimates 'resilient' despite recession risks
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Apple (NASDAQ:AAPL) shares slipped on Friday even as J.P. Morgan noted that near-term estimates for the company have been "resilient" in light of recent economic uncertainties.
"Contrary to popular investor sentiment and expectations of downside to estimates on account of slowdown of consumer spending and FX headwinds, we believe near-term estimates are instead resilient relative to the conservative guide already issued by the company on the last earnings call," analyst Samik Chatterjee wrote to clients.

Apple (AAPL) shares fell less than 0.5% to $136.16 in premarket trading.
Chatterjee, who rates Apple (AAPL) shares overweight with a $200 price target, added that the company is "well positioned to outperform" in multiple economic conditions.
However, the analyst modestly lowered revenue and earnings estimates, due to a roughly 1.5% impact from foreign exchange issues and concerns that the volume for the upcoming iPhone 14 would be "modestly" below the volume on the iPhone 13.
On Thursday, TF International Securities analyst Ming-Chi Kuo tweeted that Chinese demand for the Apple (AAPL) iPhone 14 is likely to be stronger than the iPhone 13.