Among the companies that corrected the most since December highs is Apple, which fell 7%. The apple giant has received several cold water in recent days from analysis firms, which warn of the slowdown in its results. Yesterday, Barclays lowered its recommendation on Apple to underweight due to the “mediocre launch of the iPhone 15”, especially in China, and Christmas sales weighed down by lower demand for Macs and iPads, which point to a drop in demand and revenue in 2024. “The continuous period of weak results coupled with multiple expansion is not sustainable,” notes the report, which has been received with a 1.6% drop in Apple's stock.
Barclays thus joins the reductions in recommendations on Apple in recent days. The Piper Sandler firm has gone from overweighting the company to neutral and has expressed concern about iPhone inventories and stagnant sales.
“We don't know if last year's rally is completely over, but it's normal to expect markets to pull back after a rally like the one we saw,” Steve Sosnik, chief strategist at Interactive Brokers, told Bloomberg. “Without the end-of-year factors that fueled the rebound, I think the party is coming to an end,” he adds. The reductions on Apple have led to the company accumulating its worst buy recommendation in three years from the consensus.
Follow all the information Five days in Facebook, x and Linkedinor in our newsletter Five Day Agenda
The Five Day agenda
The most important economic quotes of the day, with the keys and context to understand their scope
#Analysts #throw #cold #water #Apple #stock #falls #December #highs