Fresh results from Piper Sandler's latest teen survey are in and they indicate Apple's mindshare among smartphone-wielding teenagers has never been higher, prompting the firm to boost its price target on shares of the iPhone maker.
Investment firm JP Morgan has trimmed its AAPL price target to $335 due to the expected fallout from social distancing and store closures having a larger than the previously-predicted impact on Apple's bottom line.
Apple on Tuesday announced plans to reveal quarterly earnings for the company's second fiscal quarter of 2020 on April 30, with CEO Tim Cook and CFO Luca Maestri expected to join analysts on a conference call after markets close.
Morgan Stanley said Friday it is reducing expectations for Apple through fiscal 2021 to better align with the bank's macro view that GDP growth will take a greater hit than previously expected, due largely to a prolonged consumer recovery.
Following overnight supply chain reports suggesting that the A14 chip will see massive delays, J.P. Morgan's Gokul Hariharan casts serious doubt on the questionable report, but sees other factors potentially holding up the "iPhone 12" for up to two months.
Apple is no longer a company worth over a trillion dollars, a situation caused by investor panic over the coronavirus pandemic affecting stock markets around the world, but the reduced valuation is likely to be temporary.
The "once in a century" coronavirus outbreak is forcing Daniel Ives from Wedbush to tailor estimates for Apple downward, mostly based on iPhone demand deterioration in the short term and an "iPhone 12" release later than expected.
The opening of markets on Monday commenced with a bleak outlook for Apple's immediate future, as inter-session trading over the weekend dramatically cut the share price of the iPhone maker and other major stocks, caused through the ongoing coronavirus panic by investors.
Wamsi Mohan from Bank of America has tweaked his target price for Apple stock, and is slightly reducing what he expects from the company for 2020, mostly because of supply and demand impacts from the coronavirus pandemic.
Following after a weekend battering as part of a global financial meltdown caused by the coronavirus, Apple's stock has bounced back from Monday's sudden drop, with the share price considerably recovering near to Friday's closing price in premarket trading.
Apple's sales of iPhones are considerably down in China for the last quarter, according to Daniel Ives from Wedbush, but Apple's ability to bring the supply chain back to normal is of bigger importance to investors.
Apple's shares have taken a hammering over the weekend in after-hours trading, with the share price set to open on Monday morning at about $20 below its value at the end of trading on Friday afternoon, its biggest drop in five years.
Timothy Arcuri from UBS is seeing some short-term struggles for Apple and the iPhone between production problems and temporary demand decreases, but sees restoration of iPhone production and sales in 2020.
The coronavirus outbreak has made an impact on Foxconn's finances with the iPhone assembly partner enduring its biggest year-on-year drop in revenue for a month in a seven-year period due to the virus affecting its production pipeline.