Apple’s stock price dropped by more than 4% on Tuesday due to analyst downgrades, citing concerns about declining iPhone sales and poor performance in the company’s hardware and services divisions.
Analysts have lowered their expectations for Apple’s growth, with some cutting their price targets. Jefferies analyst Edison Lee reduced his target from $211.84 to $200.75, attributing the move to weakening demand for iPhones in major foreign markets like China.
Barclays also downgraded Apple, warning of poor iPhone 15 sales and anticipating similar performance with iPhone 16. The analyst criticized Apple’s product lineup, saying it has become too uninnovative, leading to a decline in consumer interest.
The company’s hardware business is facing challenges beyond smartphones. Declining MacBook and iPad sales are raising concerns about the division’s long-term prospects. As analysts grow increasingly skeptical of Apple’s ability to maintain its growth, they are warning investors about the risks associated with intensifying competition and economic pressures.
Source: https://finance.yahoo.com/news/apple-shares-tumble-4-double-171855177.html