Apple Bernstein analyst Toni Sacconaghi on CNBC: It remains unclear what impact the Qualcomm injunction could have
- Bernstein analyst Toni Sacconaghi on CNBC says it remains unclear what impact the Qualcomm (QCOM) injunction could have on Apple (AAPL) in China.
- It is a significant market for Apple but the company claims it won't impact iOS 12 devices, which means any new phones.
- He expects consensus estimates to come down as fears of a slower cycle persist, which will continue to weigh on the stock.
- The stock will inflect when earnings estimates stabilize or start to go up
- Apple stock is not compelling yet at current valuation (on par with 5 year average); Mkt Perform, $210 tgt