Apple stock dropped 4. After Bank of America analysts downgraded the shares, trading on Thursday decreased by 5%.
In light of the macroeconomic difficulties, analysts predicted “weaker consumer demand” during the upcoming year. Analysts reduced their target price from $185 to $160 per share and changed their rating from buy to neutral.
The decrease followed a Bloomberg article on Wednesday that claimed Apple had asked certain suppliers to abandon plans to boost production for the new iPhone 14 because demand had not increased as anticipated, which had caused to a slump in Apple’s shares. company.
Citation: CNBC.
Shares of Apple are down 4.5%.
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