Canaccord Genuity analyst T. Michael Walkley lowered his price target on Apple Inc. (AAPL) shares to $225 from $250 on Thursday, after a recent Canaccord consumer survey suggested "soft smartphone and overall iPhone demand" as well as "disappointing initial iPhone XR sales." The survey found that Apple still "maintained strong share of U.S. smartphone sales" across the carriers. Walkley continues to believe that Apple will grow its installed base and monetize it well through services, but he forecasts a year-over-year drop in iPhone units for calendar 2019. Apple shares are up 0.9% in premarket trading Thursday following a Cnet report from the prior afternoon in which an Apple executive said that the iPhone XR has been the company's best-selling model (http://www.marketwatch.com/story/the-iphone-xr-has-been-apples-best-selling-phone-since-its-launch-report-2018-11-28) in each day since its late-October launch. Apple's stock has fallen 19% over the past three months, while the Dow Jones Industrial Average has slipped 2.9%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 29, 2018 08:58 ET (13:58 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.