BofA cuts its Apple (NASDAQ:AAPL) target by $20 to $300 due to the risk of lower iPhone demand as a result of the coronavirus pandemic.
Analyst Wamsi Mohan lowers his 2020 iPhone unit sales estimate from 207M to 175M.
Mohan: "In a bear case scenario, we see 13% lower iPhone units due to lockdowns, vs. 6% lower in our base case."
The analyst calls the retail store closures a near-term headwind, which should be temporary.
BofA maintains a Buy rating due to Apple's cash balance and the upcoming 5G tailwind.
Apple shares are up 1.6% to $249.32.
Previously: 5G iPhone launch likely delayed - Wedbush (Mar. 26 2020)
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