Apple shares dip on rare Bank of America downgrade

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  • Apple shares fell on Thursday after Bank of America analysts gave the stock a rare downgrade.
  • Rosenblatt Securities disagreed with the BofA rating on Thursday, however, upgrading its rating on Apple from neutral to buy.
  • The downgrade came on the heels of a Bloomberg report on Wednesday that said Apple had asked some suppliers to drop plans to ramp up production for its new iPhone 14 because of higher-than-expected demand. failed to see.

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Apple shares fell 4.9% on Thursday after Bank of America analysts gave the stock a rare downgrade.

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Analysts downgraded its rating from buy to neutral, as well as lowered its price target from $185 to $160 per share. He said he forecast “weak consumer demand” next year and pointed to macroeconomic challenges.

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The broader market was also negative on Thursday, but Apple’s decline was still outweighed by major indices such as the S&P 500, which fell 2.1% on Thursday.

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The downgrade came on the heels of a bloomberg Wednesday’s report said Apple had asked some suppliers to drop plans to ramp up production for its new iPhone 14 after it failed to see the higher demand than expected. This also put pressure on Apple’s stock.

However, a second firm disagreed with the BofA rating. Rosenblatt Securities upgraded its rating on Apple from neutral to buy and raised its price target from $160 to $189, meaning a 25% rally from current levels. It took the call after its survey of more than 1,000 US adults showed strong demand for even new Apple products.

Rosenblatt cast doubt on the production report, writing that “comparative reports have a recent history that prove to be misleading when they appear to be anecdotal.”

— CNBC’s Michael Bloom

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