Apple, the largest US company by market capitalisation, has seen its investment recommendation downgraded by UK investment bank Barclays. Its analysts explain the move by weaker sales of iPhones and Mac computers.
Strategists led by Tim Long changed the recommendation from "equal weight" to "underweight" with a target price of $160.
Barclays reports that the latest sales reports show weaker iPhone 15 sales in both China and developed markets. Things were better in emerging markets, but not enough to offset the overall decline. Analysts also expect growth in services such as the App Store to slow this year.