KeyBanc Capital Markets has maintained its "underweight" rating for Apple (AAPL, Financial) with a target price of $200. Analysts John Vinh and Brandon Nispel noted that iPhone 16 sales slightly exceeded store expectations but basic model demand remains weak. Despite healthy demand for iPhone 16 Pro/Max, inventory levels have increased but remain below last year's levels.
Interest in Apple's AI is growing but not significantly driving demand. KeyBanc's data shows iPhone sales increased 2% month-over-month and 5% year-over-year, with Black Friday sales up 9%. While this is moderately positive for Apple's supply chain partners like Broadcom (AVGO), Cirrus Logic (CRUS), Qualcomm (QCOM), Qorvo (QRVO), and Skyworks (SWKS), Apple's own spending in November fell 6% month-over-month, slightly negative for the company.
