Apple shares fell more than 3% after Barclays downgraded the stock and trimmed its price target on what it sees as weakening iPhone 15 sales and an expectation of weakness in the services business due to increased regulatory scrutiny.
Apple shares slipped more than 3% in Tuesday morning trading, after Barclays downgraded the stock to underweight and slightly trimmed its price target from $161 to $160.
Barclays analyst Tim Long wrote in a note to clients Tuesday that the iPhone 15’s current “lackluster” sales, specifically in China, presaged similarly weak iPhone 16 sales — weakness that Long expects will hold true for Apple’s hardware sales broadly.
“We are still picking up weakness on iPhone volumes and mix, as well as a lack of bounce-back in Macs, iPads, and wearables,” Long wrote. Analysts and investors had noted specific weakness in China iPhone sales as far back as October.
MacDailyNews Take: Knock it down ahead of earnings like clockwork. Classic.
It must be Barclays’ turn. The analysts seemingly spread out their negative fomenting calls in order to minimize reputational hits, lest one of them be tagged the next Laura Goldman.
Based on historical earnings dates, Apple is expected to announce earnings between January 26, 2024 and February 02, 2024 (the company has not yet set a date for the release of Q124 results).
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Barclay’s drops their price target by $1 and Apple sinks 4% as of this post!
The investment community is like a 14-year-old girl seeing her first penis… emotional at a level that beggars description.
This is a big news for me. Barclay’s downgrade will affect Apple