Meanwhile, Deutsche Bank has cut its Apple price target to $295 from $305.
Apple could see a hit of nearly $5 billion due to COVID-19’s spread in China, but signs point to supply issues easing next month, according to analysts at Deutsch Bank. In a note Thursday afternoon, analysts reduced their estimate for Apple’s fiscal second quarter, which now stand at earnings of $2.69 a share on sales of $60.4 billion, down from $2.99 a share on sales of $65.1 billion. The reduction was due to the effects of the new coronavirus spreading through China and the resulting inaction in an important country for Apple’s manufacturing and sales, but analysts said that reports from iPhone manufacturer Foxconn Technology Co. Ltd. suggest effects should decline after March.
My take: Fasten your seatbelts.