At least three Wall Street analysts have cut their price targets on Apple stock ahead of the consumer electronics giant's March-quarter report, due Thursday.
The analysts cited tariff-related headwinds for Apple when lowering their price targets.
Loop Capital analyst Ananda Baruah on Wednesday maintained his hold rating on Apple stock but reduced his price target to 215 from 230. He based the change on iPhone supply-chain data.
On the stock market today, Apple stock rose 0.6% to close at 212.50. Earlier in the session, it was down as much as 2.1% before rebounding.
Also Wednesday, Barclays analyst Tim Long cut his price target on Apple stock to 173 from 197 and kept his underweight, or sell, rating.
Apple's March and June quarters are "likely okay" thanks to inventory pull-ins ahead of the Trump tariffs, Long said in a report. But the second half of the calendar year will be more challenged, he said.
"We are lowering September-quarter and fiscal 2026 unit estimates for iPhones due to demand slowdown, potentially price hikes and Siri delay, pushing out AI (Apple Intelligence) adoption," Long said. "We are also taking down second-half calendar 2025 unit estimates for wearables and AirPods as they are more economically sensitive and susceptible to demand and macro slowdown as well as potential price hikes."
Tariffs To Take Bite Out Of Earnings
Late Tuesday, Raymond James analyst Srini Pajjuri reiterated his outperform rating on Apple stock but cut his price target to 230 from 250.
Tariffs could lower Apple's earnings per share by 8% to 10%, Pajjuri said in a client note.
"Our base case is for Apple to raise prices in the U.S., which will likely lead to some demand destruction," he said. "The net effect could still result in lower EPS. We expect the stock to remain volatile in the near term on tariff news flow but view any pullback as an opportunity to add to positions given the unparalleled ecosystem, double-digit services growth, and long-term opportunity from on-device AI adoption."
Apple will report its fiscal second-quarter results after the market close Thursday. Analysts polled by FactSet expect it to earn $1.62 a share on sales $94.25 billion. That would translate to year-over-year growth of 6% in earnings and 4% in revenue.
For Apple's fiscal third quarter, analysts currently expect earnings of $1.46 a share, up 5% year over year, on sales of $88.89 billion, up 4%.
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