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Here's Why Apple (AAPL) Slid Over 3% on Wednesday

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Shares of iPhone maker Apple (AAPL - Free Report) closed down 3.47% today after Bank of America Merrill Lynch analyst Wamsi Mohan lowered his price target on shares to $320 from $350.

He thinks that the effects of the coronavirus will likely delay the spring launch of the iPhone SE2, and Apple’s September unveiling of a 5G-enabled iPhone could be pushed back. Mohan points to labor shortages and reduced productivity hampering production, but Apple may have to deal with demand issues as well.

“We now expect a more negative impact to global demand, as COVID-19 has spread well beyond China,” he wrote.

Estimates for iPhone, iPad, Mac, and Apple Watch were also lowered.

The broader markets sold off hard on Wednesday after the WHO declared the coronavirus a global pandemic. The Dow, the S&P 500, and the Nasdaq fell 5.86%, 4.89%, and 4.7%.

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