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US Senator proposes new law aimed at limiting Apple data flow to China
GOP senator Josh Hawley from Missouri introduced legislation today that would prevent the Chinese company that owns TikTok from collecting information on American users and sharing it with the Communist Party of China. The bill would also stop American companies like Apple from storing user data in China.
AAPL at a 52-wk and All-Time High today at $268.00 (so far). Apple's iPhone 11 'massive' success - Wedbush By: Brandy Betz, SA News Editor, Nov. 19, 2019
Wedbush analyst Daniel Ives says the firm is seeing a "very strong" demand trajectory for Apple's ( AAPL-0.1%) iPhone 11 despite trade concerns.
The device has seen "massive" success in China, the U.S., and Europe.
CEO Tim Cook will head to Texas tomorrow with President Trump to visit Mac Pro production facilities. Ives calls this a "key strategic visit" due to Cook's "careful balancing act" navigating the US-China trade tensions.
The analyst says the proposed additional 10% tariff coming on December 15 could ultimately result in a 4% hit to Apple's EPS, but Ives thinks this is unlikely.
Ives reiterates his estimate of 190M+ iPhone sales for FY20.
Wedbush maintains an Outperform rating and Street-high $325 target. Apple has a Bullish average Sell Side rating.
Credit Suisse analyst Matthew Cabral tells investors in a research note that nearly two months into the iPhone 11 cycle, data points continue to suggest a meaningful improvement in units y/y.
Government data suggests iPhone units are up 6% y/y in China over September and October combined, with Cabal adding that his firm's tracking data suggesting the iPhone has yet to hit full supply/demand balance eight weeks post-launch.
While Cabral says he is "on board" with the idea that the shift toward Services deserves a higher multiple over time, he "struggles" with continued P/E expansion seemingly led by firming iPhone data points rather than Services-driven upside. The analyst keeps a Neutral rating and $221 price target on Apple shares.