The first COVID-19 vaccine continued to roll out on Friday, with Vice President Mike Pence publicly receiving the vaccine. The Dow Jones Industrial Average was down 0.75% in late-morning trading on Friday. Shares of Apple slumped despite an analyst predicting iPhone share gains in China.
“The American people can be confident: we have one and perhaps within hours two safe vaccines,” Pence said, referring to expected FDA approval for Moderna’s vaccine.
Morgan Stanley analyst Katy Huberty believes the iPhone 12 launch has turned things around for Apple in China. Seeking Alpha reported on Friday that Huberty had maintained her outperform rating and $144 price target on Apple stock, citing a strong performance from the iPhone 12 in China.
Huberty believes that the new iPhone is outperforming expectations in China, saying that iPhone unit volume in the fiscal first quarter through November is up about 40% from the prior-year period. This growth is likely leading to significant share gains; Huberty says Apple is likely taking share from market leader Huawei… Shares of Apple were down about 0.9% by late Friday morning.
[AAPL] stock has gained around 74% this year.
MacDailyNews Take: Also this morning, Citigroup analyst Jim Suva raised his Apple target price to $150 from $125 on strong Christmas demand, Apple Services’ strength, growth in India, and more.