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Apple suffers second rating downgrade in tough start to 2024

If the losses hold, Apple stands to lose $47.4 billion of its value for the day. "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. The brokerage downgraded the rating on Apple's stock to "neutral" from "overweight" and cut its price target by...
United States Yuvraj Malik Shounak Dasgupta Piper Sandler Harsh Kumar Wall Street
Source: aol.com

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