Apple price target cut at Raymond James, sees revenue falling this year; stock ticks up [MarketWatch]
Apple Inc. (AAPL)
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Source: MarketWatch
Apple Inc.'s stock price target was cut to $305 from $360 at Raymond James, with analyst Chris Caso citing expectations of slower iPhone and wearables demand as a result of the effect of the COVID-19 pandemic on China production and demand. Caso reiterated his outperform rating on Apple. "Our checks suggest iPhone component order cuts on the order of 15% of prior expectations," Caso wrote in a note to clients. "Prior to the [COVID-19] crisis, we believe Apple had been forecasting upside to Q2 build plans." He said he still expects an iPhone launch in the fall, but at a lower volume. For all of 2020, Caso expects total sales to decline 2% from 2019, while the FactSet sales consensus of $265.2 billion implies 1.9% growth. Apple's stock rose 0.2% in morning trading, after rising 11.0% last week, which was the best weekly performance since the week ended May 4, 2018. The stock has now lost 8.5% year to date, while the Dow Jones Industrial Average has declined 18.1%.
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