Apple Hit With Second Downgrade This Week on iPhone Worries
- Stock has erased about $155 billion in value so far this year
- Apple holds fewest bullish ratings among big tech stocks
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Apple Inc. was already the least-loved big tech stock on Wall Street. Growing concerns over iPhone sales have now triggered a second downgrade this week, cementing analysts’ cautious approach.
Piper Sandler & Co.’s Harsh Kumar cut his Apple rating on Thursday, citing a weak macro environment in China that will dampen demand for iPhones.