Apple should outperform over the next few months, but that growth may come to a shuttering halt as consumer spending dwindles, Bernstein says.
Apple 's growth may come to a shuttering halt as consumer spending dwindles, according to Bernstein. "We see some opportunity for Apple to continue to outperform through its iPhone launch in September, per its historical pattern, but we believe risk/reward over the next 6 months - 2 years is neutral to modestly negative," wrote Bernstein's Toni Sacconaghi in an earnings preview to clients on Monday.
While the outlook for 2023 is worrisome, Bernstein expects Apple to post later this month quarterly earnings of $1.19 per share and revenue of $84 billion. Those estimates are slightly above consensus estimate and represent year-over-year growth of more than 3% on both lines. Even amid these macro conditions, the stock could rally another 13% in the near term given Bernstein's $170 price target.
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