Apple (AAPL) inventory outperformed in 2023 in spite of posting 4 instantly quarters of declining gross sales. However with out certain catalysts, it’s more likely to drop in 2024, a Wall Boulevard analyst says.
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Barclays analyst Tim Lengthy on Tuesday downgraded Apple inventory to underweight, or promote, from equivalent weight, or impartial. He additionally trimmed his value goal to 160 from 161.
In premarket buying and selling at the inventory marketplace these days, Apple inventory fell 2% to 188.75.
In 2023, Apple inventory complex 48.2% vs. a 24.2% acquire for the S&P 500.
IPhone 15 Gross sales Referred to as ‘Lackluster’
In a consumer observe, Lengthy stated gross sales of Apple’s iPhone 15 smartphones were “lackluster” and the impending iPhone 16 “must be the similar.”
Plus, different {hardware} classes stay vulnerable for Apple and products and services income more than likely may not develop greater than 10% this 12 months.
“We predict reversion after a 12 months when maximum quarters have been neglected and the inventory outperformed,” Lengthy stated.
Lengthy expects Apple to put up in-line effects for the December quarter however pass over present consensus estimates for the March quarter.
Apple Inventory Is One Of The Magnificent Seven
Apple inventory is at the IBD Tech Leaders listing. Plus, it is likely one of the Magnificent Seven shares that drove oversized good points ultimate 12 months.
Others on Wall Boulevard stay bullish on Apple’s potentialities.
Wedbush Securities analyst Daniel Ives on Tuesday reiterated his outperform score on Apple inventory with a value goal of 250.
He sees synthetic intelligence using a basket of tech shares upper in 2024, together with Microsoft (MSFT) and Google father or mother Alphabet (GOOGL).
Practice Patrick Seitz on X, previously Twitter, at @IBD_PSeitz for extra tales on shopper generation, tool and semiconductor shares.
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