Apple continued to remain under selling pressure on Thursday after brokerage firm Piper Sandler downgraded the stock. Piper Sandler is the second brokerage firm to downgrade the stock this week amid worries over declining iPhone sales.
On Thursday, shares of Apple fell over one per cent. In the past five trading sessions, the shares have fallen over six per cent.
We are concerned about handset inventories entering into 1H24 and also feel that growth rates have peaked for unit sales ... deteriorating macro environment in China could also weigh on handset business," Piper Sandler lead analyst Harsh Kumar said in a note to clients as the brokerage firm downgraded the stock from "overweight" to "neutral."
According to Bloomberg, among big tech firms, Apple has the least number of bullish recommendations.
On Tuesday, Barclays had downgraded Apple to a rating equivalent of "sell".
The company has been witnessing a slowdown in demand and saw its revenues decline in the past four quarters. Bloomberg estimates that the company may achieve only 3.6 per cent revenue growth and 7.9 per cent profit expansion in 2024.
