Apple (NASDAQ:AAPL) stock is taking a beating on Monday as a new price prediction claims the company’s shares could plummet to $120 each.
According to FXStreet, AAPL stock could fall hard due to the ongoing war between Russia and Ukraine. While potential peace talks eased investors’ fears last week, that quickly came to an end as the invasion continues.
Not helping matters is China issuing new lockdowns as Covid-19 cases skyrocket. That has investors worried about a bear market and possible problems for Apple as it relies on the country for components that are used in its devices.
Also, China hasn’t been a favorite among some countries as many have placed sanctions on Russia over its war in Ukraine. China has yet to do this and there’s even talk that the country may assist Russia in its war. If that happens, China could face similar sanctions.
So what would that mean for investors? Expect Chinese stocks to fall if that happens. That’s something we’ve already been seeing today as various companies are dropping alongside the news over the weekend.
The tech sector hasn’t been doing well already with inflation fears channeling lower prices for many stocks. Add in potential supply chain restrictions due to the war and potential restrictions on China and a $120 price prediction for Apple stock doesn’t seem all that crazy.
AAPL stock is down 1.7% as of Monday afternoon and is down 16.5% since the start of the year.
Investors on the lookout for the most recent stock market news are in luck!
We’ve got all the hottest stock market coverage that traders need to know about for Monday! Among that is what has shares of Affirm (NASDAQ:AFRM), Turquoise Hill Resources (NYSE:TRQ), and Tencent (OTCMKTS:TCEHY) on the move today. You can find all of that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.