Apple’s price target was cut to $175 from $200 at Deutsche Bank in a note taking a cautious stance on IT hardware. “While demand comments remain very constructive, supply challenges are impacting near term revenue and margins. That said, there are incremental signs of enterprise spending weakness from both software and semiconductor companies, and we also note that more tech companies are starting to slow down hiring,” said analyst Sidney Ho. Hewlett Packard Enterprise was downgraded to hold from buy and its price target reduced to $16 from $18, while NetApp was lifted to buy from hold though its price target also was reduced, to $84 from $90. Apple shares have dropped 26% this year, NetApp has fallen 30% and Hewlett Packard Enterprise has fallen 13%.
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