Canaccord Genuity lowers Apple target whopping $43
June 4, 2019 by Steven M. Peters
Analyst T. Michael Walkley’s cut is deepest I’ve seen.
TheFly has the poop:
Canaccord analyst T. Michael Walkley lowered his price target for Apple to $202 from $245 and maintained a Buy rating. In a research note to investors, Walkley cited ongoing China trade uncertainty, expectations for “muted” iPhone upgrade sales ahead of 5G iPhones expected in September 2020 and his belief that shares will trade at a lower multiple during this period of slower earnings growth. Given ongoing trade tensions between China and the U.S., he thinks Chinese consumers could slow Apple hardware purchases, leading him to lower his 2019 and 2020 iPhone estimates from 180M/190M units to 172M/185M units.
Maintains Buy rating, cuts price target to $202 from $245.
My take: Could it be that Walkley was uncomfortable sitting $71.70 above Apple’s $173.30 closing share price yesterday?
Last week I counted five analysts with price targets of $245 or higher. Now there are three.
See also: Why Cowen says it slashed its Apple price target $25
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