Apple Stock Falls After Barclays Downgrade

(RTTNews) - Shares of Apple Inc. (AAPL) slipped nearly 3% on Tuesday after Barclays downgraded the stock to underweight and lowered its price target.

AAPL is currently trading at $186.88, down $5.65 or 2.94%, on the Nasdaq. The stock opened its trading at $187.15 after closing Friday at $192.53. The stock has traded between $124.17 and $199.62 in the past 52-week period.

Analysts at Barclays downgraded Apple's stock to an "underweight" rating from "Equal weight". They now have a $160.00 price target on the stock, down previously from $161.00.

According to CNBC, Barclays analyst Tim Long wrote in a note to clients that the iPhone 15's current "lackluster" sales, specifically in China, indicate similar weak sales of iPhone 16.

"We expect reversion after a year when most quarters were missed and the stock outperformed," Long wrote in a note on Tuesday. "Our checks remain negative on volumes and mix for iPhone 15, and we see no features or upgrades that are likely to make the iPhone 16 more compelling."

Previously, Bloomberg reported that the Chinese government has issued informal instructions to its state employees to not use iPhones for government work. However, the Chinese government has denied issuing such guidance.

Long also expects Apple's services business to witness a slowdown, in part due to regulatory scrutiny.