<p>消费科技巨头 <strong>苹果</strong>(AAPL -3.87%) 的股价在今天上午 11:14（东部时间）交易时下跌约 4%，此前该公司昨日公布了财报。由于美中贸易谈判的积极进展，大多数股票今天的交易价格上涨。但关税仍然对苹果造成压力。</p>
<h2>分析师对该股票的看法变得更加悲观</h2>
<p>苹果在其第二财季报告的收益和收入均超出华尔街分析师的预期。iPhone 的收入也超出预期 10 亿美元。但苹果是受关税影响最严重的科技巨头之一，因为该公司在中国和越南生产大量产品。</p>
<p>苹果首席执行官蒂姆·库克在公司的财报电话会议上表示，预计关税将在当前季度增加 9 亿美元的费用。苹果还预计当前季度的年化收入增长将在低到中个位数之间。库克表示，由于关税的不确定性，预测 6 月之后可能发生的情况 “非常困难”。</p>
<p>今天早上，许多分析师下调了对苹果股票的目标价或评级。<strong>Jefferies</strong> 分析师埃迪森·李将苹果的评级下调至表现不佳，写道 “关税影响将随着时间的推移扩大，造成更多的收益下行。”</p>
<p>Rosenblatt Securities 分析师巴顿·克罗基特也将苹果的评级从买入下调至中性。他在一份研究报告中写道：“我们面临的是一家运营良好的公司，增长平淡，需要一款令人兴奋的新产品来重新激活增长，但在一个波动的关税和监管环境中，仍以溢价倍数交易。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NjMvcGVyc29uLWNvbmNlcm5lZC02LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NjMvcGVyc29uLWNvbmNlcm5lZC02LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>可能会有缓解，但无法解决苹果的所有问题</h2>
<p>在特朗普暂停关税后，苹果从低点反弹，目前的交易价格约为未来收益的 29 倍，略高于其五年平均水平。虽然与中国的紧张关系可能最终会缓解，但在一切尘埃落定时，仍可能会有一定程度的关税，这将远高于往年，苹果可能无法获得完全豁免。</p>
<p>因此，我对该股票持中立态度。从长远来看，这家科技巨头仍应表现良好，但考虑到一些短期挑战，其交易价格并没有太大的折扣。</p>

苹果

<p>苹果（AAPL）的股价今天下跌了约 4%，尽管公司的财报超出了华尔街的预期。分析师们对公司的前景越来越悲观，因关税影响，首席执行官蒂姆·库克警告本季度将增加 9 亿美元的额外支出。多位分析师下调了对苹果的评级，指出增长乏力以及在持续的关税不确定性中需要新产品。尽管苹果在长期内可能表现良好，但当前的挑战和高估值使得对该股票的前景持中性看法</p>

<p>Shares of the consumer tech giant <strong>Apple</strong>(AAPL -3.87%) traded about 4% lower today as of 11:14 a.m. ET, after the company reported earnings yesterday. Most stocks were trading higher today, due to positive developments regarding trade negotiations between the U.S. and China. But tariffs continue to weigh on Apple.</p>
<div class="lb-trans"><p>消费科技巨头 <strong>苹果</strong>(AAPL -3.87%) 的股价在今天上午 11:14（东部时间）交易时下跌约 4%，此前该公司昨日公布了财报。由于美中贸易谈判的积极进展，大多数股票今天的交易价格上涨。但关税仍然对苹果造成压力。</p>
</div><h2>Analysts get more bearish on the stock</h2>
<div class="lb-trans"><h2>分析师对该股票的看法变得更加悲观</h2>
</div><p>Apple reported earnings and revenue in its second fiscal quarter that beat estimates from Wall Street analysts. iPhone revenue also beat estimates by $1 billion. But Apple is one of the most heavily impacted tech giants by tariffs because the company makes a ton of its products in China and Vietnam.</p>
<div class="lb-trans"><p>苹果在其第二财季报告的收益和收入均超出华尔街分析师的预期。iPhone 的收入也超出预期 10 亿美元。但苹果是受关税影响最严重的科技巨头之一，因为该公司在中国和越南生产大量产品。</p>
</div><p>Apple CEO Tim Cook said on the company's earnings call that it expects tariffs to add $900 million of expenses in the current quarter. Apple also guided for low-to-mid-single-digit annualized revenue growth in the current quarter. Cook said it's &#34;very difficult&#34; to forecast what could happen beyond June due to tariff uncertainty.</p>
<div class="lb-trans"><p>苹果首席执行官蒂姆·库克在公司的财报电话会议上表示，预计关税将在当前季度增加 9 亿美元的费用。苹果还预计当前季度的年化收入增长将在低到中个位数之间。库克表示，由于关税的不确定性，预测 6 月之后可能发生的情况 “非常困难”。</p>
</div><p>This morning, a number of analysts cut their price targets or their ratings on Apple stock. <strong>Jefferies</strong> analyst Edison Lee cut his rating on Apple to underperform, writing that &#34;tariff impact will expand over time to create more earnings downside.&#34;</p>
<div class="lb-trans"><p>今天早上，许多分析师下调了对苹果股票的目标价或评级。<strong>Jefferies</strong> 分析师埃迪森·李将苹果的评级下调至表现不佳，写道 “关税影响将随着时间的推移扩大，造成更多的收益下行。”</p>
</div><p>Rosenblatt Securities analyst Barton Crockett also lowered his rating on Apple from a buy to neutral. &#34;We're left with a well-run company, with OK-muted growth, a need for an exciting new product to reinvigorate growth trading at a premium multiple, in a choppy tariff and regulatory environment,&#34; he wrote in a research note.</p>
<div class="lb-trans"><p>Rosenblatt Securities 分析师巴顿·克罗基特也将苹果的评级从买入下调至中性。他在一份研究报告中写道：“我们面临的是一家运营良好的公司，增长平淡，需要一款令人兴奋的新产品来重新激活增长，但在一个波动的关税和监管环境中，仍以溢价倍数交易。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NjMvcGVyc29uLWNvbmNlcm5lZC02LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816963%2Fperson-concerned-6.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Reprieve may come, but it won't solve all of Apple's problems</h2>
<div class="lb-trans"><h2>可能会有缓解，但无法解决苹果的所有问题</h2>
</div><p>Following Trump's pause on tariffs, Apple rebounded from lows and now trades around 29 times forward earnings, slightly above its five-year average. While tensions with China may eventually ease, there still could be some level of tariffs when everything is said and done, which would be much higher than previous years, and Apple may not get a full exemption.</p>
<div class="lb-trans"><p>在特朗普暂停关税后，苹果从低点反弹，目前的交易价格约为未来收益的 29 倍，略高于其五年平均水平。虽然与中国的紧张关系可能最终会缓解，但在一切尘埃落定时，仍可能会有一定程度的关税，这将远高于往年，苹果可能无法获得完全豁免。</p>
</div><p>For this reason, I am neutral on the stock. Long term, the tech giant should still perform well, but it's not trading at that much of a discount when you consider some of the near-term challenges.</p>
<div class="lb-trans"><p>因此，我对该股票持中立态度。从长远来看，这家科技巨头仍应表现良好，但考虑到一些短期挑战，其交易价格并没有太大的折扣。</p>
</div>

Why Shares of Apple Are Sinking Today

- 苹果公司（AAPL）股价今日下跌约 4%，因其财报超出预期。  
- 尽管大部分股票上涨，但关税对苹果造成压力，预计本季度将增加 9 亿美元费用。  
- 分析师下调苹果评级，认为关税影响将扩大，未来增长面临挑战。  

为什么苹果的股价今天下跌