Apple rises as Jefferies upgrades to 'hold' on hopes of tariff exemption

IPhone maker Apple's AAPL.O shares up 3%

Jefferies upgrades company's shares to "hold" from "underperform," cuts 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 U.S. 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

As of last close, AAPL stock down 31.15% YTD, vs 31% decline in S&P 500 Technology Hardware, Storage & Peripherals index .SPLRCTHSP