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Goldman Sachs cut its price target for Apple’s stock to $165 a share from $187, making the firm’s expectation for Apple the lowest of the major Wall Street banks, according to TipRanks.com.
The firm predicts a 26% downside for the stock because of a “material negative impact” on earnings for the accounting method the iPhone maker will use for an Apple TV+ trial, Goldman analyst Rod Hall said in a note.
“Effectively, Apple’s method of accounting moves revenue from hardware to Services even though customers do not perceive themselves to be paying for TV+,” Hall said.
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