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Get Free Report shares moved lower in early Tuesday trading after analysts at Barclays issued a rare downgrade for the tech giant, citing softening iPhone…
The bank lowered its rating on the tech giant to underweight from equal weight.
Barclays analysts think that weak iPhone 15 sales may be a harbinger of weak hardware and iPhone 16 sales in the year ahead.
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.
Barclays is the second brokerage to have the equivalent of a "sell" rating on the stock, which now has its most number of bearish recommendations in at least two years, per LSEG data. Apple has been grappling with a demand slowdown since early last year and has forecast holiday-quarter sales below Wall Street estimates. Its performance in China has also been a worry after the revival of local rival Huawei.