Apple’s shares fell Tuesday, their biggest one-day drop in months as international trade tensions flared up again. “Apple continues to be at the bull’s eye for trade friction,” said Daniel Ives, an analyst at Wedbush. “If this tariff dispute goes on and on, Apple will lose more than any other company. ”
Apple’s shares fell as much as 3 percent on Tuesday, their biggest intraday drop since August 23 and on track for a third straight day of losses. However, the stock has risen nearly 50 per cent since its June low and has recently been near record highs.
Wedbush reiterated that Apple beat the broader market rating, with a target price of $325, also the highest on Wall Street. The agency argues that Apple’s Foxconn plant represents Apple’s “heart and lungs” around the world. Ives expects small price concessions from Asian suppliers to offset the possible tariff impact if trade tensions persist.