Apple price target lowered to $200 from $275 at Wedbush
Wedbush analyst Daniel Ives lowered his price target for Apple to $200 from $275 after the company delivered a "bombshell negative preannouncement" that will be a defining moment for years to come. While the Street had been anticipating softness in the December quarter and around March guidance given a slew of negative iPhone XS/XR data points coming out of the Asia supply chain over the past few months, the magnitude of the top-line miss with China demand the culprit was "jaw dropping" and will heavily weigh on shares accordingly, he contends. The analyst believes Apple's decisions over the coming months around pricing, future hardware redesigns, timing of 5G smartphones, and driving its core services business will have implications for years to come as Cupertino now faces the biggest fear among bulls which is an installed base that could stall out and not grow over the coming years. Ives reiterates an Outperform rating on the shares.