- KeyBanc's Key First Look Data suggested that Apple Inc (NASDAQ:AAPL) tracked slightly better than historical seasonality.
- The indexed spending was down (9)% month-on-month in February, beating the 3-year average decline of (13)%.
- Historically, CYQ1 (Apple's Q2) Apple Hardware was down (35)% Q/Q over the last three years, above the current CYQ1 Q/Q consensus decline of (29)% and below KeyBanc's consensus of (30)% Q/Q.
- KeyBanc saw Apple Hardware more in line with the CYQ1 consensus aided by the iPhone SE 3 launch offset by surging gas prices affecting consumer spending and Russia's iPhone purchase.
- Russia bought 40 million smartphones every year, with Apple accounting for 15%.
- KeyBanc reiterated Apple with an Overweight and a price target of $191 (23.4% upside).
- China restricted activities in tech hubs including Shenzhen and Shanghai from today following Covid-19 resurgence, affecting Apple's supplier.
- BofA found Apple's exposure to Shenzhen and Suzhou 'manageable.'
- Piper Sandler saw a limited impact on Apple iPhone supply from Shenzhen lockdowns.
- Price Action: AAPL shares traded lower by 2.64% at $150.61 on the last check Monday.
