UBS cuts Apple’s (NASDAQ:AAPL) target from $335 to $290, expecting iPhone unit sales to drop 16% this year.
The firm’s supply chain analysis shows weak iPhone demand in China despite the market rebound and notes that the retail store closures outside of China will be a headwind.
UBS maintains a Buy rating on Apple, saying the recent sell-off has created a buying opportunity. The company has a Bullish average Sell Side rating.
Apple shares are up 1.3% pre-market to $250.97.