Apple’s sour start to 2024 may improve with ‘a host of tailwinds’ ahead – analyst
Shares of Mac-maker Apple were down another 3% in Monday trading and they’re off about 10% in a sour start 2024, but Evercore sees “a host of tailwinds” ahead.
But an Evercore ISI analyst sees “a host of tailwinds stacking up in [Apple’s] favor,” even as the consumer-electronics giant has lost some of its shine on Wall Street in the wake of a disappointing March-quarter outlook that implied revenue would decline.
“While we understand the disappointment around [the March-quarter guidance] we think iPhone units are largely flat excluding some [one-time] dynamics,” Evercore’s Amit Daryanani wrote in a note to clients… [H]e’s excited about some Apple developments on the horizon. In his view, commentary around the company’s recently launched Vision Pro headset — which starts at $3,499 — has been “incrementally better,” and interest among enterprises has been “sizable.”
Apple’s management has also teased that it will make an announcement on generative artificial intelligence later this year, which could be another catalyst. Apple has been less vocal about AI than other large technology companies, potentially to the detriment of its stock as Wall Street gets swept up in AI fervor.
MacDailyNews Take: Hopefully, Apple’s mad scramble will not only catch up in generative and other AI, but pass rivals by. Good enough would be good enough, though, given Apple’s mammoth installed base of 2.2+ billion active devices.
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