Reuters is reporting that JP Morgan has cut its price targets on 18 computer hardware stocks citing weak IT spend in Europe, Middle East and Africa, uncertain growth in China and pressures from a strong U.S. dollar. The computer hardware stock includes some of the big names even Apple and Hewlett-Packard.
The company cut its price target on Apple’s stock from $715 to $695 for the first time since 2009. For Dell’s stock, the brokerage also cut its price target, from $19 to $17.50. HP price target reduced to $22 from $23, although, the analysts remained positive about EMC Corp and NetApp.