Apple received yet another downgrade this week, the latest in a stream of cautious calls for the world’s largest company. It could present an opportunity for new investors. Redburn Atlantic analysts on Wednesday cut Apple shares to hold from buy , citing limited multiple expansion opportunities and narrow upside in iPhone sales. And Redburn is far from alone: Only 57% of analysts covering Apple have a buy-equivalent rating on shares, according to FactSet data. That number hasn’t been below 60% since July 2020 when analysts were concerned about growth during the first year of the pandemic. Notably, only 9% of analysts are in the outright sell camp. The roughly 34% who deem Apple a hold appear to be looking for consolidation, or a chance for earnings to catch up with shares after a very strong 2023 performance. Apple jumped around 48% last year during a monstrous run in the tech sector. Cautious calls in 2024 Here’s a breakdown of four other cautious Apple calls that pressured shares and contributed to just two positive sessions for Apple in the past eight. Barclays downgraded Apple to underweight (sell) from hold on Jan. 2 — the first trading day of 2024. Analysts at the bank argued that Hardware sales remain weak, while Services growth fails to exceed 10%. Barclays slightly lowered their price target for the stock to $160 per share from $161 apiece, saying the current valuation is stretched. “Given we believe numbers will not be moving higher, we see P/E multiple pressure going into the new year,” analysts wrote in the research note. Apple shares dropped more than 3.5% that day. Piper Sandler followed suit on Jan. 4, downgrading Apple shares to neutral from buy. The firm lowered its price target to $205 from $220 apiece, citing “valuation concerns and broader handset and macro weakness in 1H24.” The stock — already on a three-session losing streak at the time — dropped for a fourth day in a row. Bernstein on Monday reaffirmed its hold rating and…
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