Scott Olson
Apple (NASDAQ:AAPL) shares had been downgraded by funding agency Barclays on Tuesday amid issues over its {hardware} enterprise, together with the iPhone 15.
Analyst Timothy Lengthy lowered his score on Apple shares to underweight from equal-weight, declaring that gross sales for the iPhone 15 line, unveiled in September, have been uninspired. Lengthy, who additionally minimize his worth goal to $160, doesn’t count on a lot from the iPhone 16 line, broadly anticipated to be launched within the fall of this yr.
As well as, he mentioned there was a “lack of bounce again” from the Macs, iPads and wearables enterprise strains. Apple launched new Macs, together with its new M3 processors, in October, and several other new Macs final January.
In its most not too long ago reported interval, Apple’s Mac enterprise generated $7.6B in income, down from $11.5B within the yr in the past quarter.
Except for hardware-related issues, Lengthy mentioned he’s not anticipating income development from Apple’s companies to be greater than 10% in 2024. Providers-related income clocked in at $22.3B final quarter, an all-time excessive for the corporate.
Apple shares fell greater than 3% in mid-day buying and selling on Tuesday, their lowest ranges in almost seven weeks.
Analysts are largely cautious on Apple (AAPL). It has a HOLD score from Looking for Alpha authors, whereas Wall Road analysts charge it a BUY. Conversely, Looking for Alpha’s quant system, which constantly beats the market, charges AAPL a HOLD.