Apple stock has a near term-floor at $160 per share. That is according to analysts at Morgan Stanely (via Bloomberg News).
The analysts said they expected “shares to remain choppy,” in a new note to clients. “Near term, the greatest risk to Apple is that Chinese consumers meaningfully slow their purchases of Apple products, which would likely cause another round of estimate cuts,” they wrote. Morgan Stanley maintained its overweight recommendation on the stock. It also cut its target price from $231 per share to $240 per share.
Apple’s shares have lost value in the wake of the U.S. government’s move to ban Huawei, dropping by around 7% in the period following the decision. It is feared that China could retaliate by imposing a ban against its products. The stock closed the day Thursday at $178.30.