“We had been concerned about negative reaction from many early customers who paid $599 for the iPhone,i Mr. Wu said. “We are very pleased to see Apple do the right thing in responding fairly quickly.”
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He expects the credit will also help restore trust with its loyal customer base, and that the financial impact of the credit will be immaterial based on about a $50 million charge if 500,000 credits are redeemed.
Mr. Wu is maintaining his “Buy” rating and $185 target price for Appleis stock. Apple is currently trading at $130.679, down 4.331 (3.21%).
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