UBS analyst Timothy Arcuri expressed concern that Apple Inc. AAPL, +0.40% will not be able to ship a 5G iPhone next year. While that “would not be good,” he reiterated his buy rating and $215 stock price target as iPhone units are already at or below full replacement rates, which he said should soften any potential impact from the lack of a true 5G phone next year. The stock rose 0.5% in morning trade. “Barring settlement with [Qualcomm] in the next few months, field work suggests Apple is increasingly in jeopardy of being unable to ship a 5G iPhone in 2020,” Arcuri wrote in a note to clients. He said he doesn’t believe Intel Corp. INTC, +2.04% will be ready with a single chip backward compatible 5G modem, while others, such as from Samsung or Mediatek, are unlikely solutions. The stock has rallied 23.6% year to date, while the Dow Jones Industrial Average DJIA, +0.08% has gained 12.4%.
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