大行評級|花旗:下調蘋果目標價至245美元 下調iPhone出貨量預測
花旗發表研報指,美國上週五(11日)公佈最新指引,智能手機、電腦、晶片及部分半導體制造設備等20個產品類別目前獲排除在“對等關稅”安排之列,幾乎涵蓋蘋果公司所有產品,預料其股價將上揚。根據該行此前評估,美國加徵關稅將令蘋果毛利率下降約9個百分點,此次豁免將減輕蘋果所受到的負面影響,但仍難免受到宏觀經濟疲軟的打擊。花旗目前預測2025年全球GDP將收縮約70個基點,因此相應下調iPhone、Mac電腦和蘋果可穿戴設備的出貨量預測,其中今明兩年iPhone出貨量預測下調至2.26億及2.34億部,並將2025至2027財年每股盈利預測下調2%、7%及5%,目標價從275美元下調至245美元,維持“買入”評級。
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