Apple shares closed 3.58 percent lower on Tuesday — the biggest fall in four months — after Barclays downgraded the company’s shares to “underweight” and price target by $1 (roughly Rs. 83) on concerns over soft demand for the company’s purported iPhone 16 and upcoming Mac computers, as well as a crackdown in China on devices manufactured by external firms. The iPhone maker is tipped to launch several new devices this year, including new iPad models.
Reuters reports that Barclays downgraded Apple’s stock from “neutral” to “underweight” while lowering the price target from $161 (roughly Rs. 13,400) to $160 (roughly Rs. 13,300). Over $100 billion (roughly Rs. 8,33,210 crore) of Apple’s market value was erased after the brokerage’s bearish outlook on the stock — the company’s shares closed at a seven month-low at $185.64 (roughly Rs. 15,500) on Tuesday.
Barclays analyst Tim Long pointed to soft demand for the company’s latest iPhone models as well as the challenges facing the company in markets like China, including a government crackdown and the resurgence of Huawei. “The iPhone 15 has been lacklustre, and we believe iPhone 16 should be the same,” Long said in a client note seen by Reuters.
iPhone 16 Pro Models Tipped to Feature Larger Displays Again
