Wedbush slashes Apple price target from $400 to $335

On Wednesday, Wedbush analyst, and Apple bull, Daniel Ives slashed Apple price target to $335 from $400 due to concerns about, you guessed it: the global COVID-19 coronavirus pandemic.

Apple price target. Image: Apple logoEmily Bary for MarketWatch:

“From a stock and valuation perspective, we believe investors are best off stress testing the models and FY21 estimates to gauge what level of revenue/EPS Cupertino can deliver under an economic scenario which goes through a deep recession over the next few quarters and starts to see a rebound in growth beginning in the September quarter,” he wrote.

Ives’ model no longer accounts for the fall launch of a 5G-enabled iPhone, which many in the investment world had been expecting prior to the outbreak of COVID-19, the disease brought on by the novel coronavirus. Ives said the introduction of that new phone may not occur as soon as expected due to “the global lockdown-like conditions with the supply chain in Asia still on a path to normalization.”

MacDailyNews Take: An Apple price target of $335 is looking pretty, pretty, pretty good right now. From Dan’s lips to Mr. Market’s ears!

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