Canaccord Genuity lowers Apple target whopping $43

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


  1. Bruce Oran said:

    And yet aapl is up over 3% today. I am beginning to believe Wall Street does not believe its own hype! I think Katy Hubert had it right. Other analysts are forcing the price down so everyone is around the same spot. Wall Street does not like outliers!

    June 4, 2019
  2. Dan Scropos said:

    Apple needs to relentlessly throw money at share repurchases. I want to see about 25% (or more) of the monies allocated toward repurchases gone this quarter. At last count, I believe that number was ~$110 billion. Anything less than ~$25 billion this quarter will be a disappointment (to me).

    June 4, 2019
  3. John Konopka said:

    “Apple is playing the long game…”

    Absolutely. I’m watching the Platforms state of the union video from yesterday. The amount of work going on behind the scenes to make the apps run smoothly in multiple languages around the world is amazing. Apple is working hard to build in more security and more intelligence. Competitors were caught off guard when Apple switched to 64 bit and many wondered why Apple was pushing the performance of the Axx chips so hard. Now we can see the fruits of those labors. All sorts of machine learning activity can now be carried out safely on your iPhone or iPad without needing to expose any private data to the web. Apple is building a secure and safe space for people to conduct their digital lives. The amazing thing is that only Apple is doing this among the major players.

    June 4, 2019
  4. Aaron Belich said:

    I’m hoping we see new Mesh Airport with or without integrated HomePod in the next 24 months.

    June 5, 2019

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