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Apple streaming event 'could trigger a sell-off,' says BTIG

Emily Bary

BTIG analyst Walt Piecyk wrote Monday that Apple Inc.'s upcoming launch of its streaming-media service "could trigger a sell-off in the stock." The company is scheduled to make an announcement on Monday at 1 p.m. ET, which is widely expected to concern the company's efforts in streaming video. "We believe there is little that Apple can say at its event today that will satisfy media skeptics," Piecyk wrote. He said that sell-offs have become typical following Apple events. "Most of today's criticism will probably be accurate but viewed through a short term lens," Piecyk wrote, including that it's difficult and expensive to become a formidable media player. He argued that the company shouldn't look toward a big acquisition as a way to bolster its content ambitions. Nonetheless, he boosted his price target to $220 from $189 in his Monday note, writing that the outlook for Apple's 2020 earnings looks favorable relative to the S&P 500 . Apple shares have jumped 30% in the past three months, while the Dow Jones Industrial Average has risen 17%.