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For the second time this week, a Wall Street analyst has downgraded Apple (AAPL) stock. Investment bank Piper Sandler on Thursday lowered its rating on the iPhone maker to neutral from overweight, or buy.
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Piper Sandler analyst Harsh Kumar downgraded six stocks to neutral from overweight. In addition to Apple, he cut his ratings on semiconductor stocks Akoustis Technologies (AKTS), Macom Technology Solutions (MTSI), Microchip Technology (MCHP), Qorvo (QRVO) and Skyworks Solutions (SWKS).
“We are starting 2024 with a cautious stance,” Kumar said in a client note. “We believe that first-half 2024 will be challenging for the analog market, handset and consumer end markets.”
Kumar said he moved to the sidelines on Apple stock because of concerns about soft smartphone sales and macroeconomic weakness in the first half of the year.
Apple Stock Gets Price-Target Cut
Kumar lowered his price target on Apple stock to 205 from 220.
In premarket trades on the stock market today, Apple stock sank 0.9% to 182.68.
On Tuesday, Barclays analyst Tim Long downgraded Apple stock to underweight, or sell, from equal weight, or neutral.
Long noted a lack of positive catalysts ahead for the consumer electronics giant along with “lackluster” iPhone sales and weak sales of other hardware categories. Plus, Apple’s services revenue growth is likely to slow, Long said.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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