On the first trading of 2023, Apple’s market value slipped below $2 trillion for the first time since 2021 as its stock fell nearly 4% following a rating downgrade due to production disruption in China.
Apple was the first company to hit $3 trillion in market value on Jan. 3 last year.
Exane BNP Paribas analyst Jerome Ramel downgraded Apple to “neutral” from “outperform” with a price target cut to $140 from $180, according to a report by thefly.com.
MacDailyNews Take: We’ve covered Apple rather closely for over two decades. Prior to this article, in our extensive database of some 80,000 articles, the name “Jerome Ramel” appears zero (0) times.
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Beleaguered?
And a “professional” analyst (ignoranti) just the other day called Apple’s challenges, just “headline risks.” There are few concrete reasons to think AAPL’s downside couldn’t be deeper. It’s not what I’m hoping, but….