{"id":7043,"date":"2024-01-02T20:17:21","date_gmt":"2024-01-02T20:17:21","guid":{"rendered":"https:\/\/demo5.dedicatedhost247.com\/zexo\/apple-shares-slip-after-barclays-downgrade\/"},"modified":"2024-01-02T20:17:21","modified_gmt":"2024-01-02T20:17:21","slug":"apple-shares-slip-after-barclays-downgrade","status":"publish","type":"post","link":"https:\/\/demo5.dedicatedhost247.com\/zexo\/apple-shares-slip-after-barclays-downgrade\/","title":{"rendered":"Apple shares slip after Barclays downgrade"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-107353287\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-107353287\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000327265\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><span class=\"InlineVideo-videoButton\"\/><span\/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><a href=\"https:\/\/www.cnbc.com\/quotes\/AAPL\/\">Apple<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> shares <a href=\"https:\/\/www.cnbc.com\/2023\/12\/29\/apple-underperformed-mega-cap-peers-in-2023-due-to-revenue-slide.html\">slipped<\/a> 4% in Tuesday afternoon trading, after <a href=\"https:\/\/www.cnbc.com\/2024\/01\/02\/magnificent-7-member-gets-downgraded-to-start-2024-as-barclays-lowers-rating-on-apple.html\">Barclays downgraded the stock<\/a> to underweight and slightly trimmed its price target from $161 to $160.<\/p>\n<p>Barclays analyst Tim Long wrote in a note to clients Tuesday that the iPhone 15&#8217;s current &#8220;lackluster&#8221; sales, specifically in China, presaged similarly weak iPhone 16 sales \u2014 weakness that Long expects will hold true for Apple&#8217;s hardware sales broadly.<\/p>\n<p>&#8220;We are still picking up weakness on iPhone volumes and mix, as well as a lack of bounce-back in Macs, iPads and wearables,&#8221; Long wrote. Analysts and investors had noted specific weakness in China iPhone sales as far back as <a href=\"https:\/\/www.cnbc.com\/2023\/10\/18\/apple-iphone-15-sales-look-like-theyre-starting-off-slow-in-china.html\">October<\/a>.<\/p>\n<p>Bloomberg has <a href=\"https:\/\/www.cnbc.com\/2023\/09\/07\/apple-shares-fall-after-reports-that-china-banned-iphone-use-by-government-employees.html\">previously reported<\/a> that the Chinese government has issued informal guidance forbidding state employees from using iPhones. The Chinese government has <a href=\"https:\/\/www.cnbc.com\/2023\/09\/13\/china-says-it-hasnt-banned-iphones-or-foreign-devices-for-government.html\">denied<\/a> issuing such guidance.<\/p>\n<p>Long expects that Apple&#8217;s lucrative services business will also see decelerated growth, in part due to regulatory scrutiny. <a href=\"https:\/\/www.cnbc.com\/2022\/07\/28\/apples-services-slowdown-in-q3-potential-concern-for-investors-.html\">Gross margin<\/a> in Apple&#8217;s services businesses is roughly double the margin Apple makes on all its hardware products, and Apple CEO Tim Cook <a href=\"https:\/\/www.cnbc.com\/2023\/08\/03\/apple-services-are-very-profitable-and-may-be-ready-for-takeoff-again.html\">highlighted<\/a> &#8220;better-than-expected&#8221; growth in that unit on an earlier investor call.<\/p>\n<p>But Barclays doesn&#8217;t necessarily believe that growth is reliable in the long term.<\/p>\n<p>&#8220;In 2024, we should get an initial determination on the Google TAC, and some app store investigations could intensify,&#8221; Long wrote, referring to the payments Google makes to Apple to retain its default search status.<\/p>\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-9\"><a href=\"https:\/\/www.cnbc.com\/quotes\/GOOGL\/\">Google<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> CEO Sundar Pichai <a href=\"https:\/\/www.cnbc.com\/2023\/11\/14\/google-pays-apple-36percent-of-safari-search-revenue-sundar-pichai.html\">previously confirmed<\/a> that the company pays 36% of its Safari search revenue to Apple. Regulators have been scrutinizing both <a href=\"https:\/\/www.cnbc.com\/2023\/02\/15\/doj-accelerates-apple-antitrust-investigation-report.html\">Apple<\/a> and <a href=\"https:\/\/www.cnbc.com\/2023\/01\/27\/dojs-antitrust-case-against-google-is-ambitious-but-risky.html\">Google<\/a> and the <a href=\"https:\/\/www.cnbc.com\/2023\/10\/27\/google-paid-26-billion-in-2021-to-become-a-default-search-engine.html\">default search status<\/a>.<\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2024\/01\/02\/magnificent-7-member-gets-downgraded-to-start-2024-as-barclays-lowers-rating-on-apple.html\">Read more at CNBC Pro.<\/a><\/p>\n<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Apple shares slipped 4% in Tuesday afternoon trading, after Barclays downgraded the stock to underweight and slightly trimmed its price target from $161 to $160. Barclays analyst Tim Long wrote in a note to clients Tuesday that the iPhone 15&#8217;s current &#8220;lackluster&#8221; sales, specifically in China, presaged similarly weak iPhone 16 sales \u2014 weakness that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[46],"tags":[9968,1149,559,8637,3367,184,1036,52,199,935,10654,730,1787,4392,183,571,1436,304,3356,10653],"jetpack_featured_media_url":"https:\/\/image.cnbcfm.com\/api\/v1\/image\/105706713-1548780178211rtx5cvvl.jpg?v=1694108361&w=1920&h=1080","_links":{"self":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/posts\/7043"}],"collection":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/comments?post=7043"}],"version-history":[{"count":0,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/posts\/7043\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/media\/7044"}],"wp:attachment":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/media?parent=7043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/categories?post=7043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/tags?post=7043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}