Credit Suisse analyst Shannon Cross upgraded Apple (NASDAQ:AAPL) to outperform, citing the company’s almost 2 billion installed devices as a significant factor.
Cross argued that Apple’s (NASDAQ:AAPL) large and dedicated user base puts the corporation in a prime position to “accelerate market acceptance” of the company’s software and services. According to Cross, a mentality that has guided Apple (AAPL) since Steve Jobs was CEO is still at the company’s center.
Cross claimed that “[Apple] management focuses on high customer happiness by improving ease of use, product quality, and continuity between devices.” Because of this, the product’s value increases, and customers are more likely to buy from the company again.
Cross has upgraded Apple (NASDAQ:AAPL) from neutral to outperform and has increased her price estimate for the stock from $166 to $201 per share.
Thursday’s closing price of $173.03 for an Apple (NASDAQ:AAPL) share was $0.06 below the company’s breakeven mark.
Although Apple (NASDAQ:AAPL) has always been well-known for making some of the most popular items on the market, the business has recently done something to make its investors as pleased as its customers: it has consistently given dividends and conducted large-scale stock buybacks.
When discussing Apple’s financials for the 2021 fiscal year, Cross said, “Apple (NASDAQ:AAPL) returned $100B to shareholders via dividends and share repurchases.” This included a 10% increase in the dividend and $90 billion in stock buybacks.
However, not even the most successful businesses are immune to economic fluctuations; reports indicate that Apple (AAPL) has laid off 100 contract-based recruiters responsible for sourcing new employees for the company.
Slight Improvement in Supply Chain Before iPhone 14 Release
Wedbush Securities said Apple’s supply chain is “somewhat improving” ahead of the new iPhone’s launch.
Apple (NASDAQ:AAPL) analyst Dan Ives raised his price target to $220 from $200. Ives said the first order of 90M iPhone 14 units “stayed firm” despite weaker economic conditions.
Ives expects “another big iPhone Pro and Pro Max mix shift” in Apple’s 2023 fiscal year, which would boost iPhone ASPs. Ives said the iPhone Pro and Pro Max could cost $100 more than before.
Apple (NASDAQ:AAPL) shares recently climbed above breakeven Wednesday.
Ives predicted Apple (NASDAQ:AAPL) will ship 220M iPhones in 2023 despite China’s declining global economy and Covid-19 shutdowns. Ives predicts China might account for 30% of iPhone upgraders, including Pro and Pro Max purchases.
Ives predicted Apple’s (NASDAQ:AAPL) services sector may reach $90B in sales in 2023 and $100B in 2024, thanks to double-digit growth.
Ives: “Apple’s growth story remains intact with iPhone 14 approaching the corner.”
Featured Image : Megapixl © Ekaterina79
Author Shariq Khan 
