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Piper Sandler sees tough March ahead for Apple, remains neutral

Despite an earnings beat for Q1 2024, Piper Sandler believes the iPhone will see continued headwinds leading to a challenging March quarter.

A blue iPhone 15 Pro held in a hand with the three cameras reflecting a nearby light.
iPhone 15 Pro

Apple beat Wall Street’s expectations with $119.58 billion in revenue for Q1 2024. Even iPhone revenue was up year-over-year after a slump in 2023, but market headwinds continue to concern investors.

In a note seen by AppleInsider, investment firm Piper Sandler has set a neutral rating for Apple. Also, it has reduced the price target to $190 from $205.

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