Shares of Apple Inc.
AAPL,
On Friday, it fell 3.3%, but was on track for a weekly gain, as Deutsche Bank analyst Jeriel Ong lowered its price target to $ 295 from $ 305, citing a expected slowdown in revenues linked to the coronavirus epidemic. Ong said it had not lowered its estimates when Apple last month warned of a shortfall for the quarter ended in March, given the uncertainty associated with the coronavirus situation, which remains in constant evolution. “Even if we still see considerable uncertainty [Apple] until March, and we emphasize that we provide a framework for thinking rather than exuding high confidence in our estimates, we feel more and more comfortable trying to find out how March might be formed given the Incremental production-related disclosures by Foxconn over the past week, “Ong wrote in a note to customers. He maintained his rating. The title gained 7.2% this week until Thursday after falling from 15.9% the previous two weeks, while the Dow Jones Industrial Average
DJIA,
gained 2.8% this week after falling 13.6% the previous two.
