House Oversight — Estate records
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From: Richard Kahn Sent: 5/30/2019 3:19:40 PM To: Jeffrey Epstein [jeevacation@gmail.com] Subject: Fwd: Apple, Inc.: Addressing The Top 5 Investor Questions Importance: High Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: "Morgan Stanley" <ms-wmir@morganstanley.com> Subject: Apple, Inc.: Addressing The Top 5 Investor Questions Date: May 29, 2019 at 6:35:01 PM EDT To: <_________________________ Reply-To: <mswmir-cie-feedback@morganstanley.com> FF. Wealth Management Apple, Inc.: Addressing The Top 5 Investor Questions HOUSE OVERSIGHT 033362 '1".• Katy L. Huberty, CFA — Morgan Stanley May 29, 2019 10:28 PM GMT Given the risk of further restrictive trade measures, we answer investors' top questions. We expect shares to remain choppy, with a near-term floor around $160. Our estimates are unchanged but peer multiple contraction drives our SoTP-driven PT to $231 (from $240). What is the latest view on iPhone demand in China? On Apple's April 30th earnings call, CEO Tim Cook noted that the November-December period was likely to be the trough in iPhone demand in China, following an improvement in performance during the March quarter helped by iPhone price cuts, VAT tax rollbacks, increased financing options and better consumer confidence. Data from push-messaging service provider Jigaung shows that the improvement in iPhone demand likely persisted through April, where Apple gained over 175bps of Chinese smartphone installed base share Y/Y (1). However, the increasingly tough trade rhetoric and actions recently taken by US and Chinese authorities make it less likely this trend will continue into May/June. Late last week, following the Huawei blacklist, President Trump commented that "it's possible that Huawei would be ________included in a trade deal", suggesting recent actions could be bargaining chips to use in trade negotiations that can be worked out by/around the G20 Su […]