Jefferies analysts anticipate a "quiet quarter" for Apple (NASDAQ:AAPL), but raised the price target to $225 from $210 ahead of the upcoming Q3/23 earnings, scheduled to be reported on Aug 3. The firm maintained its Buy rating.

The analysts acknowledge that after Apple outlined its long-term computing vision in June, this earnings call will refocus on the iPhone and services as the key drivers of the stock. They expect both segments to demonstrate enough resilience to deliver a quarter in line with or slightly better than expectations.

The firm predicts revenue of $83.6 billion for the quarter, surpassing the Street estimate of $81.6 billion. Regarding hardware, the analysts foresee flat iPhone revenue, a decrease in iPad revenue, an increase in Mac revenue due to higher unit sales compensating for lower average selling prices, and a slight decline in wearables revenue.