Apple (AAPL) Stock: Modest Growth And Extreme Valuation


Apple Store

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Investment Thesis

Demand in the global market of devices remained weak. Apple (NASDAQ:AAPL) sold 58 mln (-2% y/y) iPhones, 12.4 mln iPads (-17% y/y), 4.4 mln Macs (-38% y/y), and 10 mln Watches (-32% y/y) in 2Q 2023. Markets declined more than we had expected, prompting us to reduce

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