UBS has lowered the target price of Apple stock 335 $per share. The decrease of the target for AAPL followed a sharp drop in iPhone sales in China and the supply chain ccerns (via AppleInsider).
AAPL Still a Buy, But 5G iPhone 12’ Could Face Delays
In the note, the analyst Timothy Arcuri said that the Chinese, the iPhone sales in February fell by 61% compared to the same period last year. He has also reduced his forecast for iPhone shipments in March at $ 40 milli, a decrease of $ 43 milli. He wrote:
Csensus iPhone estimates of 43 milli, ly 500,000 below last year, but the data implies that nearly 2 milli of impact in China ale.
Apple supply chain is amg those who are affected by the epidemic of coravirus in China. Therefore, Mr. Acruri raised ccerns about its manufacturing capacity for the anticipated iPhone 12. Analysts ‘ estimates of producti will be returned by the end of Q2 2020. However, he said that, if significant problems related to the producti of ctinue in June, Apple may be delaying the launch of this, we hope, will be a 5G iPhone. Mr. Acruri still csiders AAPl a Buy stock. However, he cut his 12-mth target price to $335 to $355.