Apple (AAPL) is one of the "Magnificent Seven" stocks — a top performer in 2023 with shares up 55% year-to-date — but Barclays Senior Analyst Tim Long is staying on the sidelines. Speaking with Yahoo Finance's Seana Smith at the Barclays Global Technology Conference, Long said he 'struggles' with Apple's multiple and valuation. "Apple has basically lowered guidance four quarters in a row...the stock doesn't operate in line with fundamentals," Long added. Long also pointed to sluggish iPhone 15 sales while warning of "another year of weakness on the hardware side" if macroeconomic conditions remain challenged. Click here to watch the full interview on the Yahoo Finance YouTube page or you can watch this full episode of Yahoo Finance Live here.
The Dow's lack of exposure to the Magnificent Seven tech stocks has put it behind the S&P 500 in 2023.
Investment analysts at Morgan Stanley have raised their target price for Apple based on the outlook for Services, iPhone 15 gross margins, and high consumer interest in Vision Pro.