Apple stock today
Today has been slightly positive for Apple (AAPL), with its stock having gained 0.3% as of 11.46 AM Eastern Time. Meanwhile, the S&P 500 and NASDAQ Composite had gained 0.1% and 0.2%, respectively, and the Dow Jones Industrial Average had fallen 0.1%. Facebook (FB), Netflix (NFLX), and Alphabet (GOOG) had risen marginally, by 0.1%, 0.9%, and 0.1%, respectively, and Amazon (AMZN) had fallen 0.2%.
Morgan Stanley cuts its price target for Apple
Earlier today, Morgan Stanley (MS) analysts cut their target for Apple stock to $231 from $240 while maintaining an “overweight” rating. Their new target implies a ~30.2% upside from AAPL’s Wednesday closing of $177.38. However, Morgan Stanley believes that Apple has “a near-term floor at $160,” Bloomberg reports.
Morgan Stanley expects Apple stock to wobble in the near term, and has warned investors that Chinese consumers may ditch Apple products. According to Bloomberg, analysts noted that this risk “would likely cause another round of estimate cuts” for Apple.
Should investors worry?
In the last couple of weeks, media reports have suggested that nationalist rhetoric in China is prompting people to boycott US companies’ products and services due to ongoing trade tensions between the two nations. Not only could this rhetoric affect large US companies, but it could also escalate the US-China trade war.