Deutsche Bank published a research report that predicts that Apple's first-quarter results will meet or slightly exceed expectations. Looking ahead to this year, the bank is more cautious about consumer spending and is lowering demand assumptions, lowering this year's earnings forecast per share from $6.5 to $6.3. In particular, for the second quarter, revenue and earnings per share estimates were lowered to 90 billion US dollars and 1.42 US dollars, and the target price was lowered to 160 US dollars. Since the current price of the stock is equivalent to about 20 times the earnings per share in fiscal year 2024, it is believed that it has roughly reflected the decline in market expectations, and that the current level of risk and return is biased positively, maintaining the buying rating. Due to continued macro-uncertainty, the Group is not expected to provide revenue guidance for the second quarter, but it is believed that it will adopt a cautious attitude and anticipate a further slowdown in revenue growth. The bank noticed that continued prudent consumer spending led to iPhone revenue falling 15% year-on-year and 34% quarterly. Although more cautious about revenue growth, the bank is more optimistic about the group's profit margins considering foreign exchange and deflated commodity costs. Overall, the bank will cut its second-quarter revenue forecast by 5% and earnings per share forecast by 4%.