Apple Hit With Second Downgrade This Week on iPhone Worries
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Apple Inc. was already the least-loved big tech stock on Wall Street. Growing concerns over iPhone sales have now triggered a second downgrade this week, cementing analysts' cautious approach.Piper Sandler & Co.'s Harsh Kumar cut his Apple rating on Thursday, citing a weak macro environment in China that will dampen demand for iPhones. “We are concerned about handset inventories,” Kumar said in a note, lowering his recommendation for Apple to neutral from overweight after holding a bullish view since March 2020. “Growth rates have peaked for unit sales,” he said. We are now on WhatsApp. Click to join.Kumar's downgrade follows a more bearish move by peers at Barclays Plc, where analysts led by Tim Long cut their rating to underweight on Tuesday.Coming into 2024, Apple was th...