On January 2, 2024, local time, it was the first trading day of the US New Year, and the three major stock indexes fluctuated. On that day, Apple's stock price was heavily bearish, with a drop of nearly 3.6% on the first day of the new year, marking the largest decline in nearly five months. Its market value evaporated overnight by about $107.1 billion (approximately RMB 766 billion).
Apple's stock price has encountered a "black door" in the new year. It fell about 4.5% in the afternoon on January 2, but narrowed to within 4% in the end of the day, closing down about 3.6%. Its market value evaporated overnight by $107.1 billion (approximately RMB 766 billion), marking the largest daily decline since August 4, 2023, and reaching a new closing low since November 9, 2023.
According to media reports, Barclays analysts have rarely downgraded Apple's stock rating. Barclays analysts led by Tim Long have downgraded Apple's stock rating to underpriced, with a target price lowered from $161 to $160, which means the company's stock price will fall by 17% over the next year.
Long even believes that Apple's service revenue growth will not exceed 10% this year.
It is worth noting that in 2023, US technology stocks led the rise, with Apple soaring by 48%.
Why do Barclays analysts view Apple stocks negatively? According to reports, in a research report released on the same day, Barclays analysts wrote, "Despite most quarters of the past year not meeting expectations, Apple's stock price has performed better than other companies. We expect this situation to change."
Analysts at the bank also pointed out that the new iPhone 15 has performed mediocrely, with sales and configurations falling short of expectations, and it is expected that the iPhone 16 will do the same without any more attractive features or upgrades.
Article | Reporter Lin Li'ai