Instinet analyst Jeffrey Kvaal lowered his price target on shares of Apple Inc. /zigman2/quotes/202934861/composite AAPL +0.98% to $225 from $295, citing "severely constrained consumer demand" amid the outbreak of COVID-19, the disease brought on by the novel coronavirus. "Both Apple and operator partners have closed stores even beyond lockdown areas; we estimate online comprises only 10-15% of phone sales," he wrote. Kvaal thinks the timing of Apple's flagship 5G iPhone launch, which was expected this coming fall, is now "in play," and he hasn't noticed an uptick in Apple services even as more people stay at home. Kvaal also sees the COVID-19 crisis having a direct negative impact on Dell Technologies Inc. /zigman2/quotes/203822527/composite DELL -2.26% , and he lowered his price target on Dell's stock to $35 from $48. Apple shares are down more than 4% in Monday trading, while Dell's stock is up 2.3% and the Dow Jones Industrial Average is down 2.6%.