Apple Loses $100 Billion in Market Cap After Barclays Downgrade

Published on January 3, 2024

Apple’s market cap declined by over $100 billion on Tuesday after Barclays downgraded the company’s stock amid concerns over “weakness” in iPhone sales volumes. Barclays downgraded Apple from an “equal weight” to an “underweight” rating, pointing to lackluster iPhone 15 sales, specifically in China. The brokerage pushed down the stock’s price target to $160 from $161. “We are still picking up weakness on iPhone volumes and mix, as well as a lack of bounce-back in Macs, iPads, and wearables,” analysts led by Tim Long said in a note on Tuesday, according to CNN. “The continued period of weak results coupled with multiple expansion is not sustainable.”...

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