Following a significant decline last year, Apple Inc.’s (AAPL.O) stock market value drastically declined on Tuesday, falling below $2 trillion for the first time since March 2021.
A year after the iPhone manufacturer became the first business to hit the $3 trillion market value milestone, there was a sell-off.
According to Refinitiv Eikon, Exane BNP Paribas analyst Jerome Ramel downgraded Apple to “neutral” from “outperform” and lowered his price target to $140 from $180. As a result, shares of Apple fell 3.7% to $125.07 on the report.
Ramel reduced his forecast for iPhone shipments for the fiscal year 2023 from 245 million to 224 million as a result of supply chain problems at Foxconn, the manufacturer, and customers’ lower spending on premium smartphones.
With its current share price, Apple is just slightly more valuable than Microsoft Corp. (MSFT.O), which is estimated to be worth around $1.8 trillion.
According to Refinitiv, analysts anticipate that the Cupertino, California-based company will report a 1% decline in revenue for the December quarter. This is because investors are concerned about consumer demand. It would be Apple’s first revenue decline since the 2019 March quarter.
