Updated at 10:14 am EST
Apple (AAPL) - Get Apple Inc. ReportApple's stock climbed on Wednesday following a downgrade from Goldman Sachs and the announcement that its new MacBook Air would begin shipping to consumers by the end of next week.
Apple said the new MacBook, which includes a company-designed M2 chip, will be available for orders on Friday July 8, with the first customer deliveries scheduled for July 15. The MacBook Pro, an undated 13-inch version of the Apple-made notebook, has been available since June 17.
The new MacBook Air is a visual delight. Read: The new MacBook Air is Redesigned and Boasting the M2 Chip
Mac sales increased by 14.7 percent to $10.44 billion in the three months ended in March, compared to a 5.5% increase in iPhone revenues, which accounted for less than $50.5 billion, and a 2% decrease in iPad sales due to chip and supply chain problems.
Rod Hall, a Goldman Sachs analyst, warned that hardware and device sales, which make up the majority of Apple's revenues, may be in jeopardy if the global economy falls.
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Hall has dropped his price objective on Apple by $27 a share, to $130, while keeping his "neutral" rating in place in anticipation of a 2% decline in group revenues in the next two fiscal years.
Apple stock rose 1% in early trading Wednesday, ahead of larger tech stocks, to change hands at $142.67 each. That would leave the company with a year-to-date decline of around 21.1% and a valuation of around $2.33 trillion.
Last month,Morgan Stanley analyst Katy Huberty told her clients that Apple is facing a "downside risk" for services revenue growth in the current quarter, noting that App Store sales have dropped to about 6% in the two months ended in May.
Apple CEO Tim Cook told investors in April that Covid and supply chain disruptions around the "Shanghai corridor," as well as Russia's occupation of Ukraine, would cut between $4 billion and $8 billion from current quarter revenues, putting a gloomy second quarter performance.
Apple, which makes by some estimates around 90% of its hardware products outside China, is expanding its manufacturing facilities in India and Vietnam in order to both diversify its supply chain and mitigate the effects of China's harsh Covid lockdowns, according to the Wall Street Journal.
Apple's fiscal third quarter earnings will be revealed on July 28. Early estimates suggest revenues in the region of $82 billion and a bottom line of $1.16 per share.