From Morningstar: 2024-07-26 05:28:00

Apple’s revenue heavily relies on iPhone sales, facing challenges from slower global refresh cycles and Chinese competition. The company’s gross margin has been growing steadily, with services becoming a significant revenue driver. Morningstar pegs Apple’s fair value at $170, suggesting overvaluation. The firm has a wide economic moat, strong financials, but medium uncertainty due to consumer reliance and supply chain risks. Bulls praise Apple’s ecosystem and chip development, while bears warn of cyclicality and geopolitical vulnerabilities.



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