Apple: Wedbush maintains 'outperform' despite China woes
(CercleFinance.com) - Wedbush maintains its "outperform" rating on Apple, with a 12-month target price of 310 dollars, saying that iPhone tariff threats could represent a "near-term overhang" for the stock.
In an interview with the Wall Street Journal published after the closing bell yesterday, President Trump discussed for the first time the possibility of putting tariffs on iPhones and laptops imported from China, hinting that a 10% additional tariff was possible, the US broker said.
Along with the recent iPhone metrics pull and softer data from Asia, the news will surely add to the "white knuckle period" that Apple is currently going through, it said in a note.
However, over the longer term, the key for the Apple iPhone story remains the potential services market of 50 billion dollars, Wedbush said, while acknowledging that this string of bad news could weigh on the shares.
Apple is down 1.6% today in Wall Street after President Trump suggested that tariffs could be applied to iPhones imported from China.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In an interview with the Wall Street Journal published after the closing bell yesterday, President Trump discussed for the first time the possibility of putting tariffs on iPhones and laptops imported from China, hinting that a 10% additional tariff was possible, the US broker said.
Along with the recent iPhone metrics pull and softer data from Asia, the news will surely add to the "white knuckle period" that Apple is currently going through, it said in a note.
However, over the longer term, the key for the Apple iPhone story remains the potential services market of 50 billion dollars, Wedbush said, while acknowledging that this string of bad news could weigh on the shares.
Apple is down 1.6% today in Wall Street after President Trump suggested that tariffs could be applied to iPhones imported from China.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.