Apple: Wedbush cuts target price
(CercleFinance.com) - Wedbush Securities has cut its target price for Apple shares, having lowered its estimates for the tech giant, anticipating "some dark days" ahead due to the coronavirus crisis.
The broker has cut its target price for the stock from 400 dollars to 335 dollars, while maintaining its "outperform" rating.
In a note to clients, Wedbush said its scenario now assumes that the company's 5G iPhones will not be released this autumn due to the global lockdown, with its supply chain in Asia still on a path to normalization.
However, the broker admits that "anything can happen" and that its model could prove to be too conservative or even not aggressive enough given this fluid global pandemic, whose duration and scope cannot be predicted.
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