Wedbush: Apple bracing for "doomsday-like" results

A report suggests that Wedbush analyst Dan Ives believes Apple is bracing for "doomsday-like" results as a result of the coronavirus pandemic.

As reported by Seeking Alpha:

Wedbush analyst Dan Ives sizes up the news that Apple (NASDAQ:AAPL) is closing all stores outside of China until March 27.

Right off the bat, Ives says shuttering U.S, Europe and the rest of the world stores is clearly the right move during a global health crisis.

As noted, Apple has closed all of its retail stores outside of China until March 27, which will have a significant impact on revenue. According to their report, Ives said the following regarding Apple's March performance and the current global situation:

"The fundamental impact for the March quarter adds to what is already bracing for doomsday-like results as we continue to focus on a more normalized FY21 number as the right way to value Apple at current levels. Our primary focus is with 5G leading the way targets should still be in the 215 million to 220 million unit range looking out to FY21 once we get on the other side of this current global tragic 'shock event' crisis."

Speaking with Bloomberg TV, Ives had previously stated he believes that now remains a good time to buy shares in both Apple and Microsoft.

Following the initial outbreak, Apple's share price had fallen by 20% from its January high of $327.85 per share. Earlier this week stocks across the world slid drastically, and Apple's share price tumbled in trading.. On Friday, however, AAPL recovered much of the previous days losses and by close of play it had fully recovered from the previous two days.

Looking ahead, the report claims that Apple's sales targets for 2021 should be in the 215 to 220 million unit range driven by 5G, and that next year's performance will be a true reflection of Apple's value. The report claims Wedbush has kept Apple's rating as 'outperform'.