Apple hits seven-week low after Barclays downgrade
- Apple's shares dropped, resulting in a $90 billion loss in market capitalization, after being downgraded by Barclays to "underweight" and with concerns about weak demand for its devices.
- Apple has been experiencing a demand slowdown since early last year and its performance in China has been affected by competition from Huawei. Barclays analyst Tim Long noted a lackluster response to the iPhone 15 and predicted similar results for the iPhone 16. There are also mounting risks for Apple's services business due to regulatory scrutiny.
- The downgrade by Barclays marks the second negative rating for Apple and has led to the most bearish recommendations for the company in at least two years. Apple's stock is a significant component of the S&P 500.
26 Articles
26 Articles
Apple hits 7-week low after Barclays downgrade on demand concerns
Apple’s shares fell nearly 3.6 per cent to a seven-week low on Tuesday after Barclays downgraded the stock on concerns that demand for its devices from the iPhone to the Mac will remain weak in 2024.
Apple hits seven-week low after Barclays downgrade
Apple on Tuesday fell nearly 3 percent percent to a seven-week low after Barclays downgraded the shares of the world’s most valuable firm on concerns demand for its devices from the iPhone to Mac will remain weak in 2024. Barclays is the second brokerage to have the equivalent of a “sell” rating on the stock,
Apple lost 3.6 percent in market value on the first day of trading of the new year. This happened after an advisory cut by Barclays analysts. They estimate Apple's iPhone 15 sales to be low and don't think the iPhone 16, which is expected to be presented in the fall, will fare better.
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