KeyBanc upgrades Apple on smartphone tariff exemption but growth concerns remain

• April 14, 2025

** Brokerage KeyBanc Capital Markets upgrades iPhone maker Apple AAPL to "sector weight" from "underweight"

** Shares of AAPL rise 2.1% to $202.34 after U.S. President Donald Trump grants exclusions from China tariffs on smartphones, computers and other electronics

** Brokerage says, the tariff exemption is seen as a "best-case scenario" for Apple, removing a significant risk from the table

** Brokerage flags risk about Apple's growth expectations and potential implications from the Google DOJ lawsuit

** "We believe investors are likely to continue to question AAPL's AI strategy given the recent delays in Siri AI features suggested that AAPL's AI-related services are far behind competitors" — KeyBanc

** Brokerage notes that AAPL is facing increased competition in international markets, particularly in China

** Thirty-two out of 48 brokerages rate the stock "buy" or higher, 13 rate it "hold", 3 "sell" and their median PT is $250 as per data compiled by LSEG

** Including session's moves, AAPL stock down 19.5% YTD