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Get Fast News Updates – Stay Ahead with USA Blogger > Blog > International > Apple iPhone assembly in India won’t cushion China tariffs: Moffett
International

Apple iPhone assembly in India won’t cushion China tariffs: Moffett

Nora Sutton
Nora Sutton
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Street's greatest Apple Bear says that a production movement to India is little reluctant

The main analyst Craig Moffett suggests that any plan to transfer the assembly of the United States iPhone to India is little reluctant.

Moffett, classified as a superior analyst several times by the institutional investor, sent a memorandum to customers on Friday after Financial Times reported Apple Its objective was to change production towards India from China at the end of next year.

It is questioning how a movement could reduce the costs related to tariffs because the iPhone components would still be carried out in China.

“It has a tremendous menu or problems created by tariffs, and move to India does not solve all problems. Now granted, it helps to some extent,” said the managing partner and managing director of Moffettnathanson to CNBCS “Fast Money.” “I would question how it will work.”

Moffett argues that it is not so easy to diversify India: Apple supply chain counts would still be anchored in China and would probably face resistance.

“The conclusion is that a global commercial war is a battle of two fronts, which affects costs and sales. The assembly of removals to India could (and we emphasize that it could) help with the first. The last one is finally the biggest problem,” he feared customers.

Moffett reduced its target Apple price on Monday to $ 141 from $ 184 per share. It implies a 33% drop since the closing of Friday. The target price is also the low street, according to FACTSET.

“I don’t consider myself the biggest Apple bear,” he said. “I think Apple’s quite a lot. My concern for Apple has been the valuation more than the company.”

Moffett has had a “sale” rating in Apple since January 7. Since then, the company’s shares have dropped approximately 14%.

“None of this is because Apple is a bad company. They still have an excellent balance [and] A great consumption franchise, “he said.” It is only the reality that there are no good answers when you are a product company, and your products will be significantly argued, and you are directing a market that is like the last economy. “

Moffett points out that Apple is not receiving help from its carriers to cushion the coup of the rates.

“You also have the destruction of the lawsuit created by the emphasis enhancemently. Remember, you had AT&T” Verizon and T. mobile All this week comes out and say that we are not going to subscribe the additional cost of the rate [on] Hands Sets, “he added.” The consumer will have to pay for that. Therefore, it will have a destruction of the demand that will appear in periods of equally longer possession and more slow update rates, all of which probably cuts the consensus next year. “

According to Moffett, the reaction against Apple in China over US tariffs will also harm iPhone sales.

“It’s a very real problem,” said Moffett. “The volumes really go to the Huaweis and the living and the local competitors in China instead of Apple.”

Apple stock comes from a winning week, more than 6%. It is ahead of the quarterly IPHONE manufacturer report that is due next Thursday after the closure of the market.

To obtain more personalized investment strategies, join us for our next live “Fast Money” event on Thursday, June 5 at Nasdaq in Times Square.

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