Loop Capital downgrades Apple to hold amid weak iPhone sales
Apple just got a downgrade from Loop Capital, moving from "buy" to "hold" because iPhone sales aren't looking too hot.
The firm also dropped its price target for Apple shares from $370 to $330, hinting at a possible 4% dip.
Analyst Ananda Baruah said Apple needs something big to shake things up at this stage, especially with the company's high valuation.
Apple gains 26% amid demand concerns
Even with the downgrade, Apple's stock is still up 26% this year, thanks mostly to AI upgrades, cloud services, and more people subscribing to its stuff.
But Baruah pointed out that falling iPhone shipments now look like a demand issue, not just supply chain hiccups. That could put recent gains at risk.
Still, most Wall Street analysts aren't too worried: 25 out of 43 have a buy or strong buy rating on Apple.