Apple Suffers Third Downgrade In January Amidst Anticipated iPhone Sales Rise
Portfolio Pulse from Benzinga Neuro
Apple Inc. (AAPL) has received its third downgrade in January, this time from Redburn Atlantic, which changed its rating from 'buy' to 'neutral' while maintaining a $200 price target. Analyst James Cordwell cited concerns over a potentially weak March quarter and limited growth potential, despite anticipating a rise in iPhone sales in 2024. Regulatory pressures, especially from the EU, could impact App Store earnings and overall profitability. Apple's valuation may have peaked as its P/E ratio surpassed that of Nike for the first time.
January 11, 2024 | 11:27 am
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Apple Inc. has been downgraded by Redburn Atlantic to 'neutral' with a maintained price target of $200. The downgrade is based on concerns over near-term growth and regulatory challenges, despite a positive long-term sales forecast for the iPhone.
The downgrade by Redburn Atlantic, following similar actions by Barclays and Piper Sandler, could lead to negative investor sentiment in the short term. Concerns over the March quarter performance and regulatory issues may weigh on the stock price. However, the maintained price target suggests that the long-term outlook remains stable, which could mitigate some of the negative impact.
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