Here's Why JPMorgan Trimmed Apple's Earnings Outlook

JPMorgan analyst Samik Chatterjee sees consumer spending restricting the upside expectations from Apple Inc's AAPL launch of the iPhone SE3 and will likely limit the magnitude of upside to iPhone 13 and App Store revenue in Services.
Chatterjee trimmed earnings forecasts for Apple, led by a "modest haircut" to revenue growth estimates for iPhone and Services.
However, the overall reduction in estimates is "fairly modest given the resilience" of high-end smart smartphones, tablets, and laptops to the broader slowdown in consumer spending.
Also Read: Apple iPhones Led Smartphone Sales As 5G Handsets Formed Over 50% Of Sales
He kept an Overweight rating on Apple with a $210 price target (22.2% upside).
Other analysts saw Apple tide through the Covid resurgence in China as its peers perished.
Price Action: AAPL shares traded lower by 0.71% at $170.63 in the market session on the last check Thursday.

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