10 Tech Stocks That Trump’s Fellow Republican Bought Amid Market Rout

2. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 166

Apple Inc. is a manufacturer, designer, and marketer of tablets, smartphones, wearables, personal computers, and accessories. It provides iPad, iPhone, Mac, and wearables. The company also offers AppleCare support and cloud services and operates different platforms.

A few days ago, the firm received an upgrade from KeyBanc Capital Markets to Sector Weight from Underweight. The upgrade came as the Trump administration announced a temporary exemption on tariffs for Chinese electronics. According to KeyBanc analysts led by Brandon Nispel, an exception on smartphones from tariffs is likely the most optimistic scenario they could think of. As a result of this upgrade, the stock surged about 6%.

Similar sentiment was highlighted by other analysts. Wedbush reiterated its Outperform rating with a price target of $250 on the company. Wedbush analyst Daniel Ives commented:

“From all the chaos and confusion, our 4 takeaways for the likes of Apple in particular, are that Apple has one to two months to plan its supply chain for a tariff component with India likely the biggest focus area for expanded iPhone production; the company gets some breathing room so it does not have to automatically start passing massive price increases to U.S. consumers.”

Despite this analyst optimism, there is no doubt that with stagnant revenue growth, tariff risk, and high valuation, Apple isn’t the most attractive investment out there and continues to remain under pressure.