Wedbush Securities analyst Dan Ives has reduced price targets for both Apple and Tesla due to the adverse effects of President Trump’s tariffs. Ives highlighted that Apple is particularly vulnerable with 90% of iPhones made in China, anticipating severe repercussions on its business. His target for Apple has dropped to $250 from $325, while Tesla's target is now $315. Ives also linked Tesla's price reduction to CEO Elon Musk's political affiliations, which could drive consumers towards domestic brands like BYD, especially within the Chinese market.
"The tariff economic Armageddon unleashed by Trump is a complete disaster for Apple given its massive China production exposure," Ives said in a warning note over the weekend. "In our view, no U.S. tech company is more negatively impacted by these tariffs than Apple with 90% of iPhones produced and assembled in China."
"Tesla has essentially become a political symbol globally," he wrote. "It is time for Musk to step up, read the room, and be a leader in this time of uncertainty.
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