Apple price target lowered to $210 from $215 at JPMorgan

JPMorgan lowered the firm’s price target on Apple to $210 from $215 and keeps an Overweight rating on the shares. Contrary to the deterioration of fundamentals relative to both hardware demand as well as outlook for Services growth, interest in Apple shares has improved from the broader group of investors who have otherwise been averse to the stock’s premium valuation multiple, the analyst tells investors in a research note. The firm says iPhone sales data points are highlighting headwinds, including in China, cancellation of the future opportunity around automotive revenues, as well as downside risks to Services on account of higher regulatory scrutiny in multiple geographies are all adding to the headwinds that long-term investors are grappling. However, at the same time, hedge funds are eyeing the headwinds to create more tactical entry point ahead of the artificial intelligence upgrade cycle for Applet, adds JPMorgan.