On Wednesday, Apple got a price target cut from analysts at Bank of America , who were wary of global demand.
Bank of America analysts lowered their price target on the iPhone maker’s shares to $320 from $350.
Bank of America also slashed its full calender year 2021 earnings expectation to $16.35 a share, from its prior forecast of $17.05.
The bank also pared its revenue estimates, to $261.6 billion from $279.3 billion for the year. For 2021, it lowered revenue estimate to $312.1 billion from $325.4 billion. The analysts cited coronavirus crisis behind their lowered outlook on calendar 2020 sales of iPhones, iPads, the Mac, Apple Watch, accessories and some services.
However, Bank of America re-iterated its buy rating on Apple shares, on what it believes to be Apple's strong cash position alongwith the expectation of a new stock repurchase authorization in April.