Apple Inc.'s recent analysis by BofA Global Research maintains a "Buy" rating despite a slight reduction in the price target due to a weaker iPhone outlook. The report underscores Apple's earnings resilience, noting a minimal EPS impact despite a 10 million reduction in iPhone unit estimates for the year. The focus is on Apple's upcoming F1Q25 earnings, expected to show robust demand for the iPhone 16, although BofA has adjusted its F2Q iPhone unit estimate downward due to weak macro conditions and a staggered rollout of new features. Despite these challenges, Apple's services sector, particularly App Store revenue, is projected to grow significantly, providing a buffer against hardware sales fluctuations.
The Direxion Daily AAPL Bear 1X Shares ETF (AAPD) experienced a slight decline, dropping 0.35% to $17.04 at 10:00 AM on Friday, January 24.