CFRA Reiterates Buy Rating on Apple (AAPL) Following Event

Analyst Angelo Zino Maintains $185 Price Target

New York, NY - March 16, 2023 - CFRA Research analyst Angelo Zino reiterated a Buy rating on Apple (AAPL) following the company's recent event. Zino maintained a $185 price target on the stock, implying a 15% upside from the current market price.

Strong Demand for New Products Expected

Zino believes that Apple's new products, including the iPhone 15 and Apple Watch Series 9, will drive strong demand in the coming quarters. He noted that pre-orders for the iPhone 15 have exceeded expectations, indicating a positive reception from consumers.

Positive Outlook for Services and Wearables

Zino also highlighted the growth potential of Apple's services and wearables segments. He expects the company to continue to expand its services offerings, such as Apple Music and Apple TV+, and increase its market share in the wearable device market with the Apple Watch.

Continued Dominance in Key Markets

Zino believes that Apple will continue to dominate key markets, such as smartphones and tablets. He noted that the company's strong brand recognition and loyal customer base will drive its long-term growth.

Valuation and Outlook

Zino's $185 price target is based on a discounted cash flow analysis. He believes that Apple's strong financial performance, coupled with its growth opportunities, justifies a premium valuation.

Overall, CFRA Research remains bullish on Apple and believes that the company is well-positioned for continued growth in the technology sector.