Apple suffers worst month of 2019 due to China concerns

By Staff writer | 01 Jun 2019 at 22:43hrs
Apple has had its worst month of 2019 in May, with shares losing over 11% of their value due in large part to the ongoing US-China trade war.

The US tech giant shed 1% of its share value on Tuesday alone, and various institutions including Goldman Sachs, HSBC, and Nomura have cut their price targets on Apple shares.

However, some investors believe that now is a good time to buy Apple shares – despite these shares trading 25% lower than their October 2018 high of $233.47.

"We do like Apple under 180 bucks as a long term investment," Strategic Wealth Partners' Mark Tepper told CNBC.

"Their deal with Qualcomm ensures they're going to have that 5G phone next year, and we like their transition to more of the high-margin recurring revenue services businesses. So I would say at this price we like it."

Tepper also believes that uncertainties regarding US-China trade issues have already been budgeted into the current share price, meaning that these shares are unlikely to drop much lower.

Apple shares are currently trading at $178.30 on the NASDAQ.



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