“Shares of Apple are down $7.26, or 1.6%, at $435.40, following a note to clients this morning by Citigroup’s Glen Yeung in which he reiterates a Neutral rating on the stock and a $480 price target, after reflecting upon reports last week of push-back in China against the company by media and regulators,” Tiernan Ray reports for Barron’s.
“Writes Yeung, ‘a series of anti-Apple propaganda that began on World Consumer Rights Day on 3/15’ give him concern ‘about the impact of this propaganda on Apple’s China market share,'” Tiernan Ray reports for Barron’s. Yeung notes Apple has posted a note on its site to Chinese consumers to ‘explain company policies,’ but that it sparked another negative response from State media outlet People’s Daily.”
Read more in the full article here.
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