Apple Shares Have Near-Term Floor at $160, Morgan Stanley Says
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Apple Inc. shares, which have fallen about 7% since the U.S. made moves to curb Huawei Technologies Co. earlier this month, have a near-term floor at $160, about 10% below Wednesday’s closing price, according to analysts at Morgan Stanley.
“We expect shares to remain choppy,” analysts led by Katy L. Huberty wrote in a note. “Near term, the greatest risk to Apple is that Chinese consumers meaningfully slow their purchases of Apple products, which would likely cause another round of estimate cuts.”