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Apple (NASDAQ:AAPL) shares are inching down in premarket trading on Thursday, potentially extending losses for the fourth consecutive session after Piper Sandler downgraded the stock to Neutral from Overweight citing concerns about iPhone inventory levels and a perceived peak in unit sales growth rates.
Piper Sandler analyst Harsh Kumar predicts challenges for Apple, citing a weakening macro environment in China, difficult comparisons starting in 2023, and persistent currency headwinds in the first half of 2024. He also emphasizes the impact of elevated interest rates on Apple’s overall performance.
Despite the downgrade, Piper Sandler maintains a price target of $205, suggesting an 11% increase from the last recorded price.
This move echoes a similar rating shift by Barclays analysts, led by Tim Long, who recently moved Apple’s stock rating to Underweight.
Since the start of 2024, AAPL shares have lost over 4%, wiping out nearly $130B in market value.