“Apple Inc.’s price target was trimmed by RBC Capital Markets on Tuesday, the latest investment bank to cite concerns about weak demand for the company’s iPhone line, a factor that has pushed the technology bellwether into bear-market territory over the past several weeks,” Ryan Vlastelica reports for Bloomberg.
“‘Given sustained data points around soft iPhone demand from supply-chain and others, we think it’s prudent to adjust estimates lower especially as it relates to March-quarter and beyond,’ analyst Amit Daryanani wrote to clients,” Vlastelica reports. “While the stock has already seen pronounced weakness on this issue, ‘we think investors will wait for data-points/noise level to stabilize before getting more positive on the name,’ something Daryanani expects will happen in early 2019.”
“Daryanani cut his price target to $235 from $240, compared with the average of $228 as compiled by Bloomberg, and also trimmed his 2019 estimates on the Dow component,” Vlastelica reports. “Yet RBC affirmed its outperform rating on Apple, saying it remains a ‘core large-cap tech holding’ in an ‘increasingly ‘risk-off’ environment,’ given the company’s strong balance sheet and ‘aggressive’ buyback program.”
Read more in the full article here.
MacDailyNews Take: As we wrote just yesterday, “When the lemmings, er… ‘analysts’ start their upgrade parade, then you’ll know the bottom has been found.”
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