Morgan Stanley lowered the firm’s price target on Apple (AAPL) to $220 from $252 and keeps an Overweight rating on the shares. Near-term headwinds remain significant, and China confrontation risks unlocking the bear case, but Apple has “several mitigation efforts at play” while the market is already increasingly pricing in a number of concerns, the analyst tells investors. Beyond Apple in IT Hardware, the analyst reduced FY25 and FY26 EPS estimates for the group by 15%-18% and price targets by 30% on average to account for slowing growth and higher tariffs.
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