Credit Suisse cuts AAPL iPhone first quarter 2023 estimate by 7 million to 69 million pieces. Total revenue for the first quarter was estimated 2% lower than the same quarter last year at $121.66 billion, which is 4% down from the previous estimate.
The Swiss bank sees now earnings per share of $1.92 a drop of almost 8% compared to Q1 2021 (EPS $2.07).
For the full year 2023, expects total revenue of $99.69 billion, an increase of $4.21 billion and EPS of $1.50.
Credit Suisse reiterates AAPL at Outperform and sets a price target for Apple stock of $184.
Apple faces macroeconomic risk, antitrust concerns, supply chain challenges, currency fluctuations and weak consumer spending.
Apple stock is trading slightly higher in premarket trading with gains of 0.30% at $143.10.
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