Apple faces its second downgrade this week as concerns about iPhone performance intensify: Report
AMFI stock reshuffle: Jio Financial gets large-cap tag, Tata Tech moves to mid-cap; check stock movements in mutual fund “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," Kumar was quoted as saying by Bloomberg.
As 2024 commenced, Apple already had the fewest bullish recommendations among big tech stocks, according to Bloomberg data. Piper Sandler's downgrade further diminishes the company's buy-equivalent ratio, bringing the percentage of analysts optimistic about the company to a three-year low.
Also read: Multibagger small-cap stock under ₹100 hits record high after 300% rally in one year Apple, the lone big tech firm to experience revenue contraction over the past four quarters, is currently anticipated to achieve only 3.6% revenue growth and 7.9% profit expansion in fiscal 2024, according to the average of analyst estimates compiled by Bloomberg. After rallying nearly 50% the previous year, Apple's stock has stumbled in the initial sessions of 2024, declining 4.3% and erasing nearly $130 billion in market value, according to Bloomberg data.
The shares are now approaching oversold territory, poised to extend losses for a fourth consecutive session. Also read: Multibagger Stock: Up over 4100%, Waaree Tech shares turned ₹10,000 into ₹4.28 lakh in 3 years Despite Wall Street's nearly unanimous bullish sentiment toward big tech, Apple remains an exception, garnering only 33 buy-equivalent recommendations.
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