Needham & Company sees Apple (AAPL) Supply Chain Reverting to Normal on June 1st, PT Unchanged at $350

Needham & Company analyst Laura Martin reiterated a Buy rating and $350.00 price target on Apple (NASDAQ: AAPL) but cut estimates to reflect normal supply and demand resuming by June 1 2020, two months later than the prior assumption of March.

The analyst stated "new COVID-19 hot spots in Italy, Iran and South Korea suggest that lowering our AAPL estimates is the more prudent choice. Our new AAPL estimates assume that normal supply and demand resume by June 1 2020, two months later than our prior assumption of March. The longer COVID-19 disruptions continue past June 1, the greater the threat to AAPL's Sept new product launches (including its 5G phone) and Christmas selling season revenue, which represented about 32% of annual revs in each of the past 3 years".

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 $301.00 yesterday.

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