Apple stock remains among Wedbush Securities’ top picks for 2023 as earnings season starts this week among questions about demand and supply chain issues in China.
Chris Ciaccia for Seeking Alpha:
“In a nutshell, our overall view is that tech spending is holding up much better than is being priced into these stocks and the upcoming earnings season with help clear the deck on 2023 numbers with management teams conservative tone across the board,” Ives wrote in the note.
Ives added that many on Wall Street are already expecting a cut of between 8% and 10% for estimates for 2023 in what would be seen as a “rip the band-off moment.”
Ives reiterated his prior view that tech stocks will be “up 20%” in 2023 and are “way oversold” at current levels.
MacDailyNews Note: Apple will report Q123 earnings for the 2022 holiday quarter after market close, right around 1:30pm PT / 4:30pm ET on Thursday, February 2, 2023. As usual, we’ll have the results for you as soon as they are releases. Apple’s conference call to discuss first fiscal quarter results and business updates will follow on that day at 2:00pm PT / 5:00pm ET which we’ll cover with live notes.
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[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]
