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Apple Gets New Bear Call as Fundamentals ‘Can’t Support’ Rally

  • Wolfe issues an underperform rating days before 3Q results
  • Shares decline, but remain up more than 60% from March low
A pedestrian wearing a protective mask passes in front of an Apple Inc. store temporarily closed in Miami Beach, Florida, on July 17. 

A pedestrian wearing a protective mask passes in front of an Apple Inc. store temporarily closed in Miami Beach, Florida, on July 17. 

Photographer: Jayme Gershen/Bloomberg

Apple Inc. was started with an underperform rating at Wolfe Research, with the firm expressing a cautious view over the iPhone maker’s prospects just days before it is scheduled to report its third-quarter results.

“We do not expect a 5G supercycle, argue against an independent services valuation, and do not consider Apple a stronger company on the other side of the pandemic,” wrote analyst Jeff Kvaal, who issued a $315 price target on the stock.