Barclays downgrades Apple stock
Barclays has downgraded Apple stock to underweight for first time since 2019 on what it sees as cooling iPhone demand.
Kit Rees for Bloomberg News:
Barclays analysts led by Tim Long cut their rating on Apple to underweight and price target to $160 from $161, implying a 17% decline over the next year. The stock dropped as much as 1.4% in US premarket trading on Tuesday.
“We expect reversion after a year when most quarters were missed and the stock outperformed,” the analysts wrote in a note on Tuesday. “Our checks remain negative on volumes and mix for iPhone 15, and we see no features or upgrades that are likely to make the iPhone 16 more compelling.”
Barclays’s new underweight means Apple has five sell or equivalent ratings, according to data compiled by Bloomberg, in contrast to 34 buys and 14 holds. The stock’s consensus price target predicts a return of just 3.6% over the next year.
MacDailyNews Take: What tremendous confidence Tim Long has in his predictive abilities to drop his price target on Apple stock by one whole U.S. dollar.
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