Barclays has downgraded Apple stock to underweight for first time since 2019 on what it sees as cooling iPhone demand.
Kit Rees for Bloomberg News:
Barclays analysts led by Tim Long cut their rating on Apple to underweight and price target to $160 from $161, implying a 17% decline over the next year. The stock dropped as much as 1.4% in US premarket trading on Tuesday.
“We expect reversion after a year when most quarters were missed and the stock outperformed,” the analysts wrote in a note on Tuesday. “Our checks remain negative on volumes and mix for iPhone 15, and we see no features or upgrades that are likely to make the iPhone 16 more compelling.”
Barclays’s new underweight means Apple has five sell or equivalent ratings, according to data compiled by Bloomberg, in contrast to 34 buys and 14 holds. The stock’s consensus price target predicts a return of just 3.6% over the next year.
MacDailyNews Take: What tremendous confidence Tim Long has in his predictive abilities to drop his price target on Apple stock by one whole U.S. dollar.
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When the Apple Car comes out it will prove this guy wrong. BTW, when does the Apple Car come out?
They are called ANALysts for a reason. Their heads are up their asses.
The Correct spelling is ANAL-Cyst 😄🤙🏼
Complete FUD. Pure market manipulation on the first trading day of the year so they can line up on the cheap before holiday earnings come out. There is absolutely no way these people have any viable information.
After pumping Wall Street has to dump… That is how Wall Street analysts make money. Institutional managers are forced to sell on a lowered call, even if it is for 1 dollar, like here. I doubt Warren Buffet is panic selling. After earnings no matter how much it beats the expectations, AAPL usually drop some more. Barclays having inflicted their pre planned, intentional damage, will buy up what they can, AAPL will go up, and they will sell after pumping it… rinse and repeat. Sickening.
This analyst group seems to think Apple’s stock price is going to fall significantly. They mention both lower iPhone sales and a lack of exciting new features in the upcoming iPhone 16.