Goldman Sachs may be Apple’s partner in Apple Card, but that doesn’t mean that its equity research division is a cheerleader for Apple in everything it does. In fact, the firm just cut its price target on Apple from $250 down to $233, and recommends that clients sell their Apple shares.
This is the third time that Goldman has downgraded its Apple earnings estimate since February 17. Analysts led by Goldman tech analyst Rod Hall think that Apple is headed for a reduction in iPhone demand this year. That’s likely to be followed by a shallower recovery headed into 2021.