KeyBanc: Data shows Apple's sales performance is mediocre, maintaining a "reduce" rating
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KeyBanc Capital Markets maintains a "Underweight" rating on Apple, with a target price of $200. Analysts pointed out that iPhone 16 sales were slightly above expectations, but demand for the base model is weak. Although iPhone sales increased by 2% month-on-month and 5% year-on-year, Black Friday sales rose by 9% year-on-year, spending in November decreased by 6% month-on-month. Overall data appears slightly negative for Apple, with growth in the fourth quarter of 2024 expected to be in line with historical averages
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