Apple slapped with second stock downgrade as Wall Street fears sagging iPhone demand
NY Post
Apple was slapped with its second major stock downgrade of the week on Thursday as fears mount on Wall Street about lukewarm demand for its flagship iPhone.
Piper Sandler & Co. lowered its ratings for Apple’s stock to “neutral” from “overweight” on Thursday.
The firm’s analysts, who had been bullish on Apple since March 2020, pointed to fears about a weakening economic environment in China, Bloomberg reported.
“We are concerned about handset inventories,” analyst Harsh Kumar wrote in the note to clients. “Growth rates have peaked for unit sales.”
Kumar also pointed to other signs of trouble, such as a disputed ban on the latest Apple Watch model due to alleged patent infringement, according to MarketWatch.
Apple’s stock sank more than 1% to $181.91 on Thursday.
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