Apple Inc

AAPL: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$467.00	Nkcbc	Gbjgbhygt

Apple Deftly Navigates Challenging Supply Environment in Fiscal Q3 but Headwinds Loom; Keep $130 FVE

Abhinav Davuluri

Jul 29, 2022

Narrow-moat Apple reported healthy fiscal third-quarter results that came in line with our estimates. We are maintaining our $130 fair value estimate and still view shares as overvalued. While we remain positive on Apple's ability to extract sales from its installed base via new products and services, we believe demand for Apple’s products is likely to slow in the next few quarters, following several stellar quarters of growth.

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