Apple's announcement prompted a"knee jerk reaction" during Tuesday's trading session, Wedbush analysts Dan Ives and Strecker Backe said. Yet the downward adjustment didn't faze the firm's outlook on Apple shares, with the two analysts expecting sales to rebound once the virus is contained.
"We believe this is a more of a timing issue rather than an extended supply/demand issue for iPhones globally and does not change our longer term bullish thesis on the name," the team wrote."While this news is a tough pill to swallow for the bulls, Apple remains a company significantly exposed to this virus issue given the company's massive supply and demand tentacles throughout China.
Wedbush sees the firm potentially bouncing back in the June quarter and riding the"5G super cycle" through the end of the year.
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