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April 8, 2020, 7:51 a.m. EDT

Apple price target cut at J.P. Morgan as analyst takes 'much harsher look' at sales volumes

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By Emily Bary

J.P. Morgan analyst Samik Chatterjee lowered his price target on Apple Inc. shares /zigman2/quotes/202934861/composite AAPL +0.04% to $335 from $350 Wednesday, writing that he has taken a "much harsher look" at sales volumes for the June quarter and even the September quarter due to "limited" customer engagement during the COVID-19 outbreak. "We are now drastically cutting our C2Q sales estimate, which assumes stores reopen outside of China in mid-May at the earliest as well as a steady ramp in activity to normal sales levels by the end of C3Q," he wrote. In his view, a rise in online sales during the period when stores have been shuttered is unlikely to make up for the absence of physical locations. Chatterjee also assumes a "modest delay of one to two months" for two of the four 5G iPhones anticipated to be released in the fall. Apple shares have lost 10% over the past month as the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.58% has dropped 12%.

/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 318.25
+0.14 +0.04%
Volume: 33.40M
May 28, 2020 4:00p
P/E Ratio
24.95
Dividend Yield
1.03%
Market Cap
$1378.80 billion
Rev. per Employee
$1.98M
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
25,400.64
-147.63 -0.58%
Volume: 378.40M
May 28, 2020 5:13p
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