(Bloomberg) -- Apple Inc (NASDAQ:AAPL). shares could gain as much as $25 over the coming months on a resolution to the China tariff dispute, removing “the albatross around [CEO Tim] Cook’s neck,” Wedbush analyst Dan Ives wrote in a note Monday.
The iPhone maker gained 3% in pre-market trading Monday, among tech stocks rallying Monday after President Donald Trump said the U.S. would hold off on imposing additional tariffs against China and would allow some companies to do business with Huawei Technologies Co., which had been blacklisted amid the dispute.
“With the positive step in the right direction announced between the two countries to not levy additional tariffs while negotiations continue, in essence this takes away the biggest risk on the Apple story (for now) in our opinion,” Ives wrote, reaffirming his outperform rating and $235 price target.