Apple (AAPL) has joined other Western businesses in cutting ties with Russia following its invasion of Ukraine. CNBC reports that the tech giant will no longer sell its products in the country through its online store. AAPL shares fell 1.16% to close at $163.20 on March 1.
Apple is a U.S. company that designs, manufactures, and sells smartphones, personal computers, and tablets. It also deals in related services.
Apple products are currently listed as “unavailable” on Apple’s online storefront. The tech giant has also removed RT News and Sputnik News from its App Store given their ties to the regime.
In addition, the company’s Apple Pay and other services have been limited in Russia. On Apple Maps, the company has disabled the tools for traffic and live incidents to protect Ukrainian citizens. Dell Technologies (DELL) is another company that has suspended sales in Ukraine and Russia, while Ford Motor (F) has suspended joint venture operations in Russia.
Suspension of operations in Russia comes on the back of many Western companies facing logistical challenges. It is also no longer possible for Russian customers to pay for goods and services using Western credit cards.
Stock Rating
J.P. Morgan analyst Samik Chatterjee has reiterated a Buy rating on Apple stock with a $210 price target, implying 28.68% upside potential to current levels. According to the analyst, if Apple can sustain the growth experienced in Q1, even if not strong, it could be a significant driver for the stock to re-rate higher.
Consensus among analysts is a Strong Buy based on 24 Buys and 5 Holds. The average Apple price target of $193.32 implies 18.46% upside potential to current levels.
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