Apple (AAPL) PT Cut To $236 At Morgan Stanley On China Weakness

Morgan Stanley analyst, Katy Huberty, reiterated her Overweight rating on shares of Apple (NASDAQ: AAPL) and cut her price target to $236 from $253 after Asia meetings highlight lengthening replacement cycle and churn in China.

The analyst stated "Our recent meetings in Asia highlight a weakening China smartphone market, especially at the high-end where suppliers have seen order cuts across most vendors. Importantly, our Google trends analysis suggests global demand for the new iPhones is holding up, at least relative to past cycles, after the XR launch in November which, combined with strong uptake of higher NAND capacities and better than expected mix of XS and XS Max, suggest iPhone revenue downside is largely isolated to China".

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $173.42 yesterday.

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