Daiwa analyst Louis Miscioscia downgraded Apple to Outperform from Buy with a price target of $297, down from $300. The analyst believes consumers will be under pressure for the next six-to-12 months. The “minor good news” is that economies around the globe are starting to reopen, but the bad news is that the coronavirus is “still raging, and will possibly not let up on humanity for 6-12+ months,” Miscioscia tells investors in a research note. The analyst believes this has and will cause consumers to remain under pressure and less likely to spend on non-essential products. As such, he lowered Apple’s estimates materially for fiscal years 2020 and 2021. Miscioscia lowered his iPhone quarterly revenue estimate to $25B, down from $41B, which represents down 19% year-over-year, and 55% quarter-over-quarter.
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