iPhones or iFrowns? Analyst Predicts Dwindling Shipments Despite Potent iPhone ASPs
Portfolio Pulse from Anusuya Lahiri
Apple Inc's stock is trading lower after Loop Capital downgraded it to Hold and set a price target of $180. The downgrade comes as Apple reduces its builds and shipment forecasts for the second time in the last four weeks. The company has incrementally reduced its June quarter iPhone builds and shipments, with a material downside risk to June quarter revenue.
May 22, 2023 | 8:05 pm
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Apple's stock is trading lower after Loop Capital downgraded it to Hold, citing reduced builds and shipment forecasts. The company faces material downside risk to June quarter revenue.
The downgrade by Loop Capital is based on Apple's reduced builds and shipment forecasts, which directly impact the company's revenue. This negative news is likely to cause a short-term decline in Apple's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100