Why Is Apple Stock Sliding Tuesday?
Portfolio Pulse from Anusuya Lahiri
Apple Inc (AAPL) stock is down after Barclays analyst Tim Long downgraded the stock from Equal-Weight to Underweight and lowered the price target from $161 to $160. Long cites weakness in iPhone volumes and mix, lack of recovery in Macs, iPads, and wearables, and worse IP15 data from China. He expects a largely in-line December quarter but has reduced his March quarter estimates below consensus, anticipating a year-over-year revenue decline after a flat December quarter. Long also sees service risks emerging in 2024 and believes the current multiple expansions are unsustainable.
January 02, 2024 | 3:40 pm
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Apple Inc's stock is expected to face downward pressure in the short term due to the downgrade from Barclays and lowered price target, along with concerns over iPhone sales, Macs, iPads, wearables, and future service risks.
Analyst downgrades typically lead to negative investor sentiment in the short term, especially when accompanied by lowered price targets and concerns over product sales and future risks. The downgrade reflects expectations of weaker performance, which can influence other investors' perceptions and potentially lead to a decrease in stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100