Page 6 - Harsh Kumar News Today

Just four days into 2024, Apple Inc. shares have caught their second downgrade of the year. Piper Sandler analyst Harsh Kumar lowered his rating on the…

"We are concerned about handset inventories entering into 1H24 and also feel that growth rates have peaked for unit sales ... deteriorating macro environment in China could also weigh on handset business," Piper Sandler lead analyst Harsh Kumar wrote in a note to clients.

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Apple's largest manufacturer says that Q4 2023 revenues for all of its business, including the iPhone, declined 5.4% year on year, and that it believes a slowing demand will also impact Q1 2024.

Investors likely waited until the new year to take profits in highflying technology stocks.

Foreign institutional investors (FIIs) bought shares worth Rs 1,513.41 crore, while domestic institutional investors (DIIs) sold Rs 1,387.36 crore worth of stocks on January 4, provisional data from the NSE showed.

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Apple stock has suffered two downgrades in a week from analysts at Piper Sandler and Barclays.Among other things, theyre concerned about iPhone sales, particularly

Foxconn Technologies reported a year-over-year revenue decline for both December and the final quarter of 2023.

Apple have experienced its second rating downgrade within a week, causing its value to plummet by $176 billion since the beginning of 2024.