After the U.S. imposed a 10% tariff on China imports over the weekend, BofA noted that in the last tariff cycle, Apple (AAPL) was able to get an exception for the iPhone, though it remains unclear if it can this time around. Either way, the firm sees limited impact on earnings, as it assumes that 80% of the devices sold in the U.S. can be sourced from outside of China. The firm, which adds that President Trump and the Republican administration may be more inclined to favorably resolve the Google (GOOGL) and Apple cases with the DOJ and push European counterparts for less regulation related to DMA, leaves its estimates unchanged and keeps a $265 price target and Buy rating on Apple shares.
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