Apple price target cut at J.P. Morgan as analyst takes 'much harsher look' at sales volumes [MarketWatch]
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Source: MarketWatch
J.P. Morgan analyst Samik Chatterjee lowered his price target on Apple Inc. shares to $335 from $350 Wednesday, writing that he has taken a "much harsher look" at sales volumes for the June quarter and even the September quarter due to "limited" customer engagement during the COVID-19 outbreak. "We are now drastically cutting our C2Q sales estimate, which assumes stores reopen outside of China in mid-May at the earliest as well as a steady ramp in activity to normal sales levels by the end of C3Q," he wrote. In his view, a rise in online sales during the period when stores have been shuttered is unlikely to make up for the absence of physical locations. Chatterjee also assumes a "modest delay of one to two months" for two of the four 5G iPhones anticipated to be released in the fall. Apple shares have lost 10% over the past month as the Dow Jones Industrial Average has dropped 12%.
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