Apple (AAPL) is likely to show a solid performance in the March quarter, with potential for slightly lower guidance for June, BofA Securities said in a note Monday.
“The demand environment is weak and a lower guide for [fiscal Q2] could influence a pullback in shares,” the firm said.
BofA said its fiscal Q2 revenue and EPS estimates stand a bit higher than Street estimates because it has factored in Vision Pro camera sales of up to $1 billion. BofA projects Q2 revenue of $91.5 billion and EPS of $1.53, compared with Street estimates of $90.3 billion and $1.50, respectively
The tech giant’s fiscal Q2 results are scheduled for May 2, and BofA said it also expects a new $90 billion buyback authorization to be announced.
BofA reiterated its buy rating on Apple with a price objective of $225, citing the company as a “top pick” in 2024 due to robust catalysts and resilient cash flows.
Apple’s shares were up 0.5% in recent Monday trading.