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Apple shares took a massive hit, falling by 3% and hitting a seven-week low, following Barclays' decision to downgrade the stock.

Apple Inc. (NASDAQ: AAPL) shares settled lower on Tuesday, Jan. 2, after Barclays downgraded its rating on the stock. Barclays analyst Tim Long downgraded the stock from Equal-Weight to Underweight and lowered the price target from $161 to $160. The analyst slightly lowered his AAPL estimates following another round of checks. He still picks up weakness in iPhone volumes and mix and a lack of bounce-back in Macs, iPads, and wearables. Apple is now reportedly expected to launch its futuristic $3,

Barclays has downgraded Apple stock to underweight for first time since 2019 on what it sees as cooling iPhone demand…

(Bloomberg) -- Apple Inc. got itself a new bear as expectations of soft demand for its latest iPhone prompted analysts at Barclays Plc to downgrade the stock.Most Read from BloombergIran Sends Warship to Red Sea After US Sinks Houthi BoatsTokyo Runway Collision Leaves 5 Dead, Airbus Aircraft AblazeUS Pressured Netherlands to Block China-Bound Chip MachineryIndia’s Crude Oil Imports From Russia Plunge on Payment IssuesQuake Hits Northwestern Japan, Killing Four, Wrecking HomesBarclays analysts le

Since early last year, Apple has been grappling with a demand slowdown, with its performance in China being worrisome following the revival of local Huawei.