Why Shares of Apple Are Getting Hammered Today

Shares of consumer tech giant Apple (NASDAQ: AAPL) traded over 5.6% lower today as of 12:52 p.m. ET, extending its sell-off after President Donald Trump issued far-reaching tariffs late last week. Wedbush analyst Dan Ives lowered his price target on the stock in a research report issued yesterday, while maintaining a bullish rating.Ives, who has long been bullish on big tech stocks in the "Magnificent Seven," has issued several sobering research notes in light of Trump's tariffs. One from a few days ago said that the tariffs will "set the U.S. tech world back a decade, in our opinion, while China is the clear winner... and we see no debate." In his recent note on Apple, Ives maintained an outperform rating, but lowered his price target from $325 to $250."The tariff economic Armageddon unleashed by Trump is a complete disaster for Apple, given its massive China production exposure," Ives wrote. "In our view, no U.S. tech company is more negatively impacted by these tariffs than Apple, with 90% of iPhones produced and assembled in China."Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool