Morgan Stanley puts 20% odds on targeted tariff exemption for Apple

Morgan Stanley says the most frequently asked question about reciprocal tariffs that the firm faced in IT hardware was regarding the chances that Apple (AAPL) gets tariff exemptions. In response, the firm says it gauges the odds of a targeted tariff exemption for Apple at 20%. Commenting on whether Apple’s announcement of $500B in U.S. spending commitments change how the Trump administration might treat Apple, the firm said: “Possibly, but again, unlikely.” For Apple to receive an exemption, it would have to be a company or product-specific exemption granted specifically by the President and at this point the firm believes “it is unlikely (but subject to change).” Morgan Stanley has an Overweight rating and $252 price target on Apple shares, which are down $9.82, or 5%, to $193.37 in pre-market trading after China retaliated with additional tariffs of 34% on all U.S. goods in response to U.S. tariff measures.