This is MacOS Ken.

Catching up on a week of Wall Street, Apple prices iPhone to move in China, and 10 years of Apple Music.

It is Tuesday, the 1st of July 2025. I'm Ken Ray and this is news from MacOS Ken.

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Notes on Apple from a bear and two bowls last week.

Mac Daily News ran a piece last Thursday that had Barclays bear Tim Long saying Apple has basically got nothing left in the tank.

Perhaps you are thinking, what about iPhone?

Yeah, iPhone is X growth in Long's estimation.

Investors need to pay more attention to that, according to the analyst,

who spent last week's note highlighting stagnating demand and market saturation as significant hurdles.

Okay, I pretend to hear you say, but what about services? Those are very concentrated and at risk, according to Long. That segment of Apple's

business is vulnerable to competitive pressures on one side and regulatory pressures on the other.

Maybe you're wondering about Apple's other products. The way Long sees it, no other products besides iPhone matter for the stock.

With that, the firm sticks with its underweight rating on Apple shares and its price target of $173.

Apple's shares open today at 205 and change.

Still bullish, though, perhaps with a dose of realism as JPMorgan analyst Samick Chatterjee.

Apple 3.0 ran part of a note he wrote late last week, wherein he kept an overweight rating on Apple shares

while giving his target a $10 haircut. If I'm reading his note correctly, he and his have lowered

their sales expectations for this fall's round of iPhones, thanks to recent pull ahead of consumer

demand.

Remember all that tariff-inspired panic-buying that everyone but Apple execs called tariff-inspired panic-buying?

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