Apple’s beleaguered supply chain has received some good news after JP Morgan’s Samik Chatterjee said they believe things are “beginning to recover” in China.
In a note to investors picked up by AppleInsider, Chatterjee reiterated the previous $350 price target for Apple’s stock, saying that it’s their belief that the risks are “fairly well baked in” to the predictions that are already in place.
Foxconn, in particular, has suffered through factory closures and staff shortages thanks to the ongoing coronavirus outbreak, with Apple reportedly running short on parts for repairs at Apple Stores.
Recent reports also have Apple’s Chinese iPhone sales falling as much as 60% during February, thanks in part to Apple Store closures and an overall slump in buyer confidence in the region.
Apple’s stock price has been through something of a rollercoaster in recent days, as have most technology stocks. Apple, and its supply partners, will be hoping that things are starting to settle down as Chatterjee believes.
