Apple hits seven-week low after Barclays downgrade

Jan 2 (Reuters) – Apple (AAPL.O) on Tuesday fell almost 3% to a seven-week low after Barclays minimized the portions of the world’s most significant firm on worries interest for its gadgets from the iPhone to Macintosh will stay feeble in 2024.

According to LSEG data, the stock now has the most number of bearish recommendations in at least two years, and Barclays is the second brokerage to have the equivalent of a “sell” rating on it.

The stock records for a powerful 7% of the S&P 500’s (.SPX) market weight – the more extensive file was hauled 0.4% lower on Tuesday. In 2023, Apple gained nearly 50% and reached a record high in the middle of December in a year when Big Tech dominated the markets.
Apple has been wrestling with an interest lull since early last year and has conjecture occasion quarter deals underneath Money Road gauges. Its exhibition in China has likewise been a concern after the restoration of nearby opponent Huawei.

In a client note, Barclays analyst Tim Long noted that “we believe iPhone 16 should be the same” and that “the iPhone 15 has been lackluster.” He also cited weak demand in developed markets and China.