JPMorgan: iPhone supply chain is recovering, maintains Apple’s $350 price target

 

Sina Technology News Beijing time on the evening of March 10th, according to foreign media reports, JP Morgan (JP Morgan) released an investment research report today, continuing to maintain Apple’s $350 target stock price unchanged, although the iPhone last month in the Chinese market only Fewer than half a million were sold.

In a note, JPMorgan analyst Samik Chatterjee reiterated his $350 price target given in January, despite relatively dismal iPhone sales in China.

According to data released by the China Academy of Information and Communications Technology yesterday, foreign media predicted that in February this year, Apple sold only 490,000 iPhones in the Chinese market, down 60% year-on-year. Chatterjee believes the current risks Apple faces have been factored into his report last month.

Chatterjee said the impact of the new coronavirus outbreak in China will subside in March. In addition, JPMorgan’s channel survey results show that Apple’s supply chain is recovering, and most of Apple’s retail stores in China have resumed business.

Chatterjee had a $350 price target at the end of January. Today, despite the short-term challenges, Chatterjee sees Apple as well-positioned and will not adjust his long-term price target. Chatterjee said at the time that Apple had factored the risk of the novel coronavirus into its outlook.

Additionally, Chatterjee noted that the iPhone had returned to growth in China after four quarters of contraction before the infection spread.

At present, US investment banks generally believe that the impact of the epidemic on Apple is only temporary. On Friday, Bank of America also continued to maintain a “buy” rating on Apple stock and an unchanged price target of $350.

But just today, Deutsche Bank cut its price target on Apple stock to $295 from $305, citing “considerable uncertainty” related to the pandemic. (Li Ming)

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