Goldman Sachs: Not optimistic about Starbucks, Apple can't do it in China
Last Update: 2020-06-20
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Earlier, Apple cut its first-quarter revenue forecast for the first quarter of 2019 because of weak iPhone sales in China, triggering a drop in its share price that weighed on u.Sstocks as a wholeCNBC reported on January 11th that Goldman Sachs, the international investment bank, believes that "Starbucks will be the next" in the wake of Apple's downturnGoldman Sachs has downgraded Starbucks shares to "neutral" from "buy" to $68 from $75Goldman Sachs: Not optimistic about StarbucksCNBC reported that goldman Sachs cut its rating on Starbucks, the world's largest coffee retailer, from "buy" to "neutral" on January 11, local time, and cut its target price to $68 from $75The reason given is "cautious ness on China"Karen Holthouse, an analyst at, said in a note to clients that "Apple's recent statement referred to trade concerns and macro factors, and McDonald's acknowledged at the end of November that the trend in the region was weakening." "goldman Sachs also cut its target price for Yum Group (The Observer:KFC, Pizza Hut, Oriental White and others) from $83 to $76Starbucks shares fell 0.8 percent to $63.73 after the report, whichGoldman Sachs' macro team, predicted that the consumer-driven segment of China's GDP would continue to slowCNBC said the current u.S.-China trade talks "seem to be going well" but investors remain cautious after a formal agreement was not announced before the March 2 deadlinewhile it is unclear whether trade frictions between the US and China will affect U.Sbrands in China, many Wall Street analysts believe Apple is facing an "informal boycott" of its products from Chinese consumersThe New York Times: Apple can't sell because of competition for Chinese handsetsafter Apple CEO Michael Cook attributed weak iPhone sales in China to a weaker-than-expected chinese economy But on January 5th the technology edition of The New York Times published a story entitled "China's mobile phones overtake Apple in many parts of the world" At the beginning, Huawei, Xiaomi, OPPO, Vivo and other Chinese mobile phone brands are very competitive in many countries around the world article quoted industry watchers as saying that Apple could not sell in China, mainly because of fierce competition from local brands Source: Lightning News
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