Citi analyst Atif Malik lowered the firm’s price target on Apple (AAPL) to $245 from $275 and keeps a Buy rating on the shares. The firm expects Apple shares to rally on Trump administration tariff exemptions for PCs and smartphones announced over the weekend. This which blunts the negative 900 basis point gross margin impact from Citi’s assessment last week, the analyst tells investors in a research note. That said, Apple products are not immune from a weak macro environment, the firm adds. As such, it lowered its iPhone, Mac, and wearable units to better align with Citi’s 70 point global GDP contraction view in 2025.
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