Shares of iPhone maker Apple (AAPL Quick QuoteAAPL - Free Report) closed down 3.47% today after Bank of America Merrill Lynch analyst Wamsi Mohan lowered his price target on shares to $320 from $350.

He thinks that the effects of the coronavirus will likely delay the spring launch of the iPhone SE2, and Apple’s September unveiling of a 5G-enabled iPhone could be pushed back. Mohan points to labor shortages and reduced productivity hampering production, but Apple may have to deal with demand issues as well.

“We now expect a more negative impact to global demand, as COVID-19 has spread well beyond China,” he wrote.

Estimates for iPhone, iPad, Mac, and Apple Watch were also lowered.

The broader markets sold off hard on Wednesday after the WHO declared the coronavirus a global pandemic. The Dow, the S&P 500, and the Nasdaq fell 5.86%, 4.89%, and 4.7%.

Biggest Tech Breakthrough in a Generation

Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.

A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.

See 8 breakthrough stocks now>>