This is Mac OSKIN.

Gaging analyst reaction to Apple earnings, the Setting and Rising iPhone mines, and did Tim Cook spill some

AI beans? It is Wednesday, the 9th of August, 2023. I'm Ken Ray and this is news from Maco West Ken, brought to you by yours truly

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dot com slash Meck OS Ken.

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Patreon. Find out more and add your support at patreon.com slash Maco West can. We'll play a bit more

catch up today in the wake of Apple's third quarter fiscal year 2023 earnings report.

I had said yesterday that reactions had been ugly with shares in the

Kupertino company dropping from about $191 before earnings hit to just under 179 on Monday.

I should have been clearer though.

While shareholders were hitting sell, a lot of analysts leaned harder into their positive ratings on Apple stock.

Apple 3.0 ran excerpts of analyst reactions late last week.

Only one note was decidedly negative, and even that could have been worse.

Rosenblatt analyst Barton Crockett basically sees nothing to turn Apple's shares around until a material new product category takes hold.

Assuming he's talking about Apple Vision Pro, that could take time for a couple of reasons.

First, the thing's not due out until early next year, and second, it's going to cost an arm

and a leg to put that on your head. The material new product category taking hold is

uncertain in Crockett's estimation, both in timing and success, leaving little reason to favor shares.

He used last week's note to downgrade Apple from buy to neutral.

He left his price target where it was, though, 198 bucks.

...