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MarketWatch MarketPulseMay 22, 2019
UBS cuts Apple price target on iPhone, China fears
UBS cut its price target on Apple Inc. shares Wednesday after the company published its annual survey of smartphone customers and said that it seems the amount of time consumers are waiting to replace smartphones will continue to grow longer. UBS analysts said that a survey of 8,000 smartphone users suggests that the smartphone upgrade cycle will continue to elongate, especially in the U.S. and U.K., and that concerns about China only adds to doubts about iPhone sales. "We cut our iPhone forecasts to reflect the smartphone softness and see risk of potential demand destruction in China from backlash given Huawei situation," the analysts wrote. UBS maintained a buy rating but dropped its price target on the stock from $235 to $225, at least the third price-target decline for Apple this week that mentioned China fears, after Goldman Sachs and HSBC made similar moves. Twenty of 39 analysts tracking Apple rate the stock the equivalent of a buy, according to FactSet, while 16 say to hold the stock and three rate it the equivalent of a sell. The average price target as of Wednesday afternoon was $213.62, FactSet reported. Apple shares have declined 2.3% in the past 12 months, as the S&P 500 index has gained 5.1%

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