Technology
Wells Fargo: Apple 'largely unaffected' by today's Qualcomm ruling
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News: This morning (12/10) Qualcomm announced that it has won a preliminary injunction from a Chinese court banning the import of the following iPhone models: iPhone 6S, iPhone 6S Plus, iPhone 7, iPhone 7 Plus, iPhone 8, iPhone 8 Plus and iPhone X. The import and sales ban does not affect Apple’s newest iPhones including the XS, XS Max, and XR.
Quick thoughts: While we think that Apple could continue to face headline risk in its battle with Qualcomm, it appears that Apple will be largely unaffected by this ruling and we think it is important to consider:
We continue to think there is risk to Apple from the developing U.S.-China trade war.
Maintains Market Perform rating and $210 price target.
My take: If Beijing really wanted to hurt Apple, it’s got bigger guns than the Fuzhou Intermediate People’s Court.
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