Apple Stock Receives Price-Target Reduction Due to Decline in iPhone Sales

A Wall Street investment firm recently decreased its price target on Apple (AAPL) stock due to reduced iPhone orders linked to weak demand, particularly in China. Loop Capital analyst Ananda Baruah maintained his hold rating on Apple stock but lowered the price target from 185 to 170. The stock fell by 0.9% to 169.99 in morning trades on the stock market. Baruah mentioned a projected decline in Apple’s revenue and earnings per share in 2024, which would mark the first decrease since 2016.

Baruah also stated that consensus estimates for Apple’s upcoming quarters are at risk, particularly for the June quarter due to soft iPhone shipments resulting from decreased demand and competition. Average selling prices for iPhones are flattening, and Apple is facing significant competition from Chinese brands like Huawei and Xiaomi. Despite these challenges, potential positive catalysts for Apple stock could come from developments in generative artificial intelligence and the Vision Pro headset.

According to Loop Capital analyst John Donovan, Apple has notably reduced its iPhone builds based on the firm’s supply chain checks in Asia. Apple cut its iPhone orders forecast for 2024 to 199 million units, representing a 7% to 8% decline from previous targets. Year to date, Apple stock has dropped by more than 11%. For more stories on consumer technology, software, and semiconductor stocks, follow Patrick Seitz on X (formerly Twitter) at @IBD_PSeitz.

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