Goldman Sachs Drops Apple Target Over Economy Fears

08 JULY 2022 - News of a lowered price target that is honestly practically not worth mentioning. A piece from TheStreet says Goldman Sachs analyst Rod Hall - ever the Apple bear - has lowered his 12-month Apple target over concerns around the economy.

The piece from TheStreet started off covering the M2-powered MacBook Air, which goes up for pre-order today. Not only does Apple have a new Mac, the piece points out that the Mac’s been going gangbusters. Quoting the report:

Mac sales were the standout performer in terms of Apple hardware last quarter, with revenues rising 14.7% to $10.44 billion over the three months ending in March.

Paging Dr. Downer. The report goes on to say:

Goldman Sachs analyst Rod Hall, however, cautioned that hardware and device sales, the bulk of Apple revenues, could be at risk if the global economy were to tip into recession.

With that, Mr. Hall maintained his “Neutral” rating on Apple shares. He dropped his target $27 though, moving that from $157 to $130.