Bank of America analysts rarely downgrade Apple (AAPL-USA), Apple shares fell 4.5% intraday on Thursday (29).
Bank of America analysts downgraded Apple to “neutral” from “buy” and lowered the target price to $ 160 per share from $ 185. “Consumer demand is expected to weaken” next year, analysts said. macroeconomic challenges.
The US stock market in general also fell sharply on Thursday, but Apple’s losses were even greater than the 2.5% drop in major indices such as the S&P 500 in the early stages of trading.
Apple has told some suppliers to abandon plans to increase production of its iPhone 14 because current sales have failed to meet the expected high demand, Bloomberg reported Wednesday (28). It also weighed on Apple’s share price.
Another investment bank opposed Bank of America valuations on Thursday. Rosenblatt Securities updated Apple to “buy” from “neutral” and raised its price target to $ 189 from $ 160, which implies another 25% upside from current prices.
A survey of over 1,000 U.S. adults showed strong demand for even more expensive new Apple products. The investment bank relies on the investigation to make this decision.
Rosenblatt was skeptical of Bloomberg’s reports of iPhone manufacturing, writing that “the author has frequently written reports recently that have proved misleading after actual results.”
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