US Markets Update – Losing 3% in today’s trading (the first trading day of 2024), the shares of Apple are trading at 187$ per share at the time of reporting.
BARCLAYS cut the rating from Equal Weight to Under Weight on following charges:
- Weak results
- Expansion is unsustainable and its potential
- Service-related risks will be higher
- Sales Volume mix and slower demand
- China risks
- Insufficient guidance from rest of emerging markets
- Reversal/slower growth in App Store business
The Bank has revised the price target to 160$ per share means potential 15-17% further (downside) risk.
Apple has performed well in past 5 years (400% jump) and it’s business is growing well in the emerging markets.
Image Courtesy: Google
As per PTI sources citing government sources, as it was reported in Sept 2023, Apple Inc. will be scaling up production in India from $7 billion to around $40 billion in the next 4 – 5 years.
Apple fall can be continued for few weeks.
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