Apple price target lowered to $170 from $200 at KeyBanc

KeyBanc lowered the firm’s price target on Apple (AAPL) to $170 from $200 and keeps an Underweight rating on the shares on a lower valuation multiple. The firm’s KFLD shows March Indexed Spending +29% month-over-month, above the 3-year average of +6% month-over-month, and +17% year-over-year vs. -9% year-over-year in February. KeyBanc thinks these data points, paired with weaker commentary on upgrades from the carriers, suggest a miss on iPhone, while it also expects a miss on iPad and a beat on Mac. Going forward, while the firm doesn’t quantify tariff impact, KeyBanc believes there is uncertainty.