Apple (AAPL) PT Lowered to $182 at Goldman Sachs; See Risk to March Qtr Guidance

Goldman Sachs analyst Rod Hall lowered his price target on Apple (NASDAQ: AAPL) to $182.00 (from $209.00) while maintaining a Neutral rating.

Hall notes that while they flagged rapid smartphone demand deterioration in China in their Oct. 15 note, there now appears to be a few additional twists. "In addition to weakness in demand for Apple’s products in China and other emerging markets it also looks like the balance of price and features in the iPhone XR may not have been well-received by users outside of the US," he notes.

Hall said while historically a disproportionately large chunk of December quarter demand tends to come in the two-week period beginning a week before Christmas day, so it is possible that things change, they do not believe this is likely.

The firm's estimates remain at the lower end of Apple’s guidance range at this point and they believe the company likely included this more negative scenario in its provided range. However, they do see material risk to March quarter guidance if current demand trends continue to play out.

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