A top analyst who has been a leading bull on Apple has gotten bearish about the tech giant's prospects in the wake of the coronavirus.
Wedbush analyst Daniel Ives has slashed his price target on Apple to $335 a share. While Ives' new price target still implies a more than 30% premium over the tech behemoth's current trading price, it is down from $400 a share previously.
While the Wedbush analyst also kept his outperform rating on Apple's stock, Ives warns of "dark days" ahead for the company, though he noted this is "trivial" compared to the "challenges every human being will face over the coming months to flatten the curve and remain healthy."
Ives noted Apple stores are closed now everywhere except in China, with the infections and the death toll from Covid-19 likely to have a severe impact on the tech company's business model for at least the next two years.
As a result, the Wedbush analyst is slashing his estimate on iPhone revenue by 14% for fiscal 2020 and by 10% for 2021.
Shares of Apple were down 6.32% to $236.87 a share in premarket trading amid what is shaping up to be another rocky day for the markets, with Dow futures pointing to a more than a 1,000-point loss at Wednesday's open.
Apple's stock price jumped 4.4% to $252.86 a share on Tuesday amid that day's now apparently short-lived rally.
Still, analysts overall still remain bullish on Apple, with 30 buy ratings compared to just 12 holds and four sells, according to Bloomberg.