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Citi Cuts Apple TP to US$230; Rating Buy
$Citigroup (C.US)$ Citi Research issued a research report saying that $Apple (AAPL.US)$ announced its results for 4FQ23 ended September.
During the quarter, total sales and iPhone sales were in line with expectations, and EPS beat expectation, due to favorable product mix changes and a 16% YoY increase in the service business, which led to a 70 bps increase in gross profit margin.
The report said that demand for iPhone in China remained a concern for investors. Citi Research lowered its product sales assumptions (mainly for iPad/ Mac), and lowered its FY2024 and FY2025 EPS forecasts by 2% and 4%, respectively.
Citi Research cut its target price from US$240 to US$230 on Apple, with rating kept at Buy.
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