Citi cuts first-quarter iPhone production estimates on weak demand
Citi cuts first-quarter iPhone production estimates on weak demand
Citi Research on Friday reduced its first-quarter production estimates for Apple Inc`s https://cnb.cx/2LhejNR
But other analysts remain positive on Apple. Also on Friday, analyst Tom Forte of D.A. Davidson reiterated his "buy" rating on Apple stock and a $280 price target based on a Reuters report earlier this week that Apple plans to begin using Foxconn to assemble some of its newest iPhone models in India in 2019.
Forte said in a note to clients he believes some of the decline in Apple`s stock in recent weeks has been related to concerns that a trade conflict between the United States and China could hurt the iPhone maker.
Increased manufacturing in India could help reduce tariff concerns around the iPhone, he wrote.
"While Apple has one of the highest exposures to tariff
risks, it is also the best positioned to mitigate these risks. Part of this belief was based on the company`s size and ability to both negotiate pricing and terms with its manufacturers and move its manufacturing out of China," Forte wrote.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.