Exactly 366 days ago, the Cupertino company reached this mark, and it’s now worth less than $2 trillion for the first time since March 2021., investors worry that a slow global economy and high inflation could hurt demand for Apple devices.
[Yesterday] Apple’s shares declined 3.7% to $125.07 after Exane BNP Paribas analyst Jerome Ramel downgraded the company to “neutral” from “outperform,” slashing his price target to $140 from $180, according to Refinitiv Eikon. Ramel also cut his iPhone shipment targets for fiscal 2023 to 224 million units, reflecting Foxconn’s supply chain issues and consumers cutting back spending on high-end phones.
Analysts, on average, expect Apple to report a 1% drop in December-quarter revenue in the coming weeks, according to what Refinitiv told. This would mark the company’s first quarterly revenue decline since the beginning of 2019.