WEDBUSH ON APPLE ( $AAPL): U.S.-MADE IPHONE COULD COST $3,500 — “A FAIRY TALE” Analyst Daniel Ives reiterated an Outperform rating and $270 price target, calling the idea of U.S.-made iPhones a "fairy tale." This follows a post from former President Trump threatening a 25% tariff on Apple if it continues shifting iPhone production to India instead of moving it to the U.S. Apple recently increased its investment in India, with Foxconn announcing a $1.5 billion factory there. Despite Apple’s $500 billion U.S. investment—mainly in AI—Wedbush sees no realistic path for U.S.-based iPhone manufacturing due to cost and supply chain challenges. Producing iPhones in the U.S. could push prices to ~$3,500 and take 5–10 years to implement, making it unfeasible.