From Morningstar:

Apple’s fiscal Q1 earnings report showed better iPhone revenue and improved profitability. However, revenue guidance for the March quarter fell below expectations due to demand headwinds for Apple. American investors believe Apple’s stock is overvalued based on current share prices and projected iPhone sales.

Apple stock is considered overvalued with a 2-star rating and long-term fair value estimate of $160 per share. Morningstar projects a 6% compound annual revenue growth for Apple through fiscal 2028, with the iPhone contributing the most revenue and the highest growth opportunity in Apple’s wearables revenue. Services are Apple’s next biggest revenue contributor over the forecast, driven mainly by revenue from Google and Apple’s cut of App Store sales.



Read more: After Earnings, is Apple Stock a Buy, Sell or Hold?