Apple rises as Jefferies upgrades to 'Hold' on anticipation of tariff exemption

Shares of Apple AAPL.O up 1.59% at $175.16 in premarket trading

Jefferies upgrades stock to 'hold' from 'underperform'; slashes PT to $167.88 from $202.33

"We upgrade to Hold, given the stock's recent fall," brokerage says with stock having fallen ~23% since Trump announced sweeping tariffs on April 2

"We still assume AAPL would be exempted from US tariffs"- Jefferies

Last week, Jefferies said it expects $500 billion U.S. investment may help secure exemptions for its products imported from other countries; AAPL was exempted in 2018 during Trump's first administration

Brokerage sees an increasing risk of a global recession that could worsen the already weak demand for iPhones

Avg rating of 48 analysts is "buy"; median PT $250 — data compiled by LSEG

Up to last close, AAPL stock had fallen ~31.15%, compared with a 31% decline in the S&P 500 Technology Hardware, Storage & Peripherals index .SPLRCTHSP - YTD