Analysts at Barclays (BCS) have downgraded the stock of consumer electronics giant Apple (AAPL) over concerns about soft demand for the company’s latest iPhone.
Barclays’ analyst Tim Long cut the bank’s rating on Apple stock to “underweight” and lowered its price target on the shares to $160 U.S. from $161 U.S. previously.
The new price target is 17% lower than Apple’s current share price of $192.53 U.S.
“Our checks remain negative on volumes and mix for iPhone 15, and we see no features or upgrades that are likely to make the iPhone 16 more compelling,” wrote Barclays in its note on Apple’s stock.
Apple’s share price gained 54% over the past year, hitting a record high and sending the company’s market capitalization above $3 trillion U.S.
Today, Apple is the world’s most valuable publicly traded company.
However, the gains in Apple’s share price have come despite slowing sales of the company’s electronic devices that also include the iPad and Apple Watch.
Apple has compensated for the slowdown in its hardware products by growing the services side of its business that includes streaming and banking.
Along with Barclays, Apple’s stock now has five sell equivalent ratings versus 34 buy ratings. The median price target on the shares is $200 U.S., implying 4% upside from current levels.
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