China Trade was ~$20/Share Overhang on Apple (AAPL) - Wedbush

Wedbush analyst Daniel Ives reiterated an Outperform rating and $325.00 price target on Apple (NASDAQ: AAPL) amid the positive U.S./China trade news.

Ives commented, "We believe this overall China tariff/demand situation represented a significant overhang (~$20) on Apple shares and this news ultimately removed a dark cloud from over Cupertino and semi names. With the 15% tariff now likely out of the way, we believe Apple shares are set to move higher as a strong December quarter is on the horizon (iPhone and AirPods upside so far tracking well in our opinion despite some yelling fire in a crowded theater) coupled with a super cycle with 5G leading the way. In a nutshell, this tariff would have been a major obstacle for Cook and Cupertino to overcome and ultimately Trump delivered an early Christmas present to Apple and semi players (and investors) today with this Phase 1 deal imminent."

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 $270.77 yesterday.

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