Citi keeps a Buy rating with a $275 price target on Apple (AAPL) but warns that with the company having over 90% of its manufacturing in China, it faces a 9% negative impact to total gross margins as a result of the 34% reciprocal tariff rate. The new tariffs are expected to be effective on April 9th and the firm awaits more details from the company and the administration on how the tariffs will be implemented, the analyst tells investors in a research note.
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