Apple May Lose a Third of Quarterly iPhone Sales, Goldman Says
- Goldman downgrades Apple rating to sell from neutral
- Sees a “large drop” for iPhone demand before recovery
An employee cleans the screen of an Apple Inc. iPhone inside the company's store, temporarily closed due to the coronavirus, in Tokyo.
Photographer: Toru Hanai/BloombergApple Inc. could see the number of iPhones sold slump by more than a third in the second quarter of the year, Goldman Sachs estimates, downgrading its recommendation on the stock to sell from neutral.
Unit sales for iPhones are set to drop by 36% year-on-year in the second quarter as the economy takes a hit from the pandemic, before recovering to just a 2% decline by the fourth quarter of this year, analysts including Rod Hall wrote in a note. Weakness for average selling prices is also likely to linger, he said. Hall cut his price target on Apple to $233 from $250, the second-lowest among analysts tracked by Bloomberg.