The investment firm cut the tech giant’s price target to $175 from $200 and maintained an outperform rating.
Wedbush expects the 8 million to 10 million iPhone units that were pushed out of the December quarter to benefit the March quarter as demand moves into 2023.
“We believe Apple has a unique installed base demand story that can withstand the Category 5 macro pressures around the corner better than its tech peers and should remain a Rock of Gibraltar name into 2023,” Wedbush analysts Daniel Ives and John Katsingris said.