Credit Suisse is bullish on Apple shares ahead of the tech company's earnings announcement this week, thanks to the U.S. Dollar weakening and improved supply.
Credit Suisse is bullish on Apple shares as the tech company prepares to announce its earnings report this week. The bank reiterated Apple's stock as outperform and maintained its price target of $184, which implies upside of 26% from where shares closed on Friday. Credit Suisse also held steady on its revenue estimate of $121.6 billion for Apple's fiscal first quarter and per-share earnings of $1.92.
For instance, Cross cited potential challenges to the iPhone's revenue in this past quarter due to production difficulties at a manufacturing site in China . However, she noted the increased availability of iPhone 14 models in recent weeks, thanks to improved production output. Meanwhile, Cross estimates Mac revenue having declined $3.1 billion, or 27% on a quarterly basis due to backlog fulfilled during the fiscal fourth quarter.
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