HomeTechnologyApple shares dip on rare Bank of America downgrade

Apple shares dip on rare Bank of America downgrade

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Shares of Apple fell 4.9% on Thursday after Bank of America analysts delivered the inventory a uncommon downgrade.

The analysts lowered their score from purchase to impartial, additionally reducing its worth goal from $185 to $160 per share. They mentioned they anticipated “weaker consumer demand” over the following yr and pointed to macroeconomic challenges.

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The broader market was additionally unfavorable on Thursday, however Apple’s fall was nonetheless better than main indexes just like the S&P 500, which fell 2.1% Thursday.

The downgrade got here on the heels of a Bloomberg report Wednesday that mentioned Apple had advised some suppliers to desert plans to ramp up manufacturing for its new iPhone 14 after failing to see as excessive demand as anticipated. That additionally put strain on Apple’s inventory.

A second agency disagreed with the BofA score, nevertheless. Rosenblatt Securities upgraded its score on Apple from impartial to purchase and raised its worth goal to $189 from $160, implying a 25% rally from present ranges. It made the decision after its survey of over 1,000 U.S. adults confirmed sturdy demand for even the pricier new Apple merchandise.

Rosenblatt solid doubt on the manufacturing report, writing that there is “a recent history of comparable reports proving to be misleading when actuals come out.”

— CNBC’s Michael Bloom contributed to this report.

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WATCH: Apple shares transfer decrease as BofA downgrades inventory

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