Barclays Slashes Apple Shares: 2024 Demand Woes Revealed! Shocking $90B Loss – Act Now!📉🍎

The article highlights that Apple Inc. (AAPL) has experienced a 3% decline in its share price following a downgrade by Barclays.

Apple Shares, Barclays Downgrade, Tech Stocks, Market News, Financial Woes,

Barclays cited a bearish outlook for 2024 as the reason for the downgrade, attributing it to weak demand and the tech giant’s downsizing of products from iPhone to Mac. This marks the second “sell” equivalent rating for Apple’s stock, making it the highest number of bearish recommendations in at least two years.

Apple has been facing challenges with slowing demand since early last year, and its holiday-quarter sales forecast fell short of Wall Street expectations. Increased competition in China, particularly from Huawei, has added pressure on Apple. Barclays expressed a pessimistic view of the iPhone 15 and anticipated similar results for iPhone 16, pointing to weak demand in developed markets and challenges in China. The brokerage firm also highlighted growing risks to Apple’s services business, which has faced scrutiny for App Store practices.

The share price decline is expected to reduce Apple’s market capitalization by approximately $90 billion, despite the stock surging nearly 50% in 2023. Barclays shifted its stance on Apple from “neutral” to “underweight” and slightly lowered its 12-month price target. The consensus among analysts remains a “buy” rating for Apple, with an average price target of $200. Apple’s shares are currently trading at about 28.7 times its 12-month forward earnings estimates, well above the S&P 500’s average.

Barclays analyst Tim Long, known for his cautious stance on Apple, is among the few analysts taking a bearish view on the tech company’s stock performance. The article emphasizes that the information was generated and translated with the support of AI and reviewed by an editor.