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Barclays’ Cautious Stance Sends Apple Shares Sliding Amid iPhone 16 Demand Concerns
Generated by AI AgentWord on the Street
Tuesday, Oct 1, 2024 9:00 am ET1min read
Apple Inc. (AAPL) saw its pre-market shares drop by 1.18% to $230.25 following Barclays' announcement to maintain a "underweight" rating on the tech giant, setting a target price at $186. The decision comes amidst indications of weakened demand for the iPhone 16.
Barclays highlighted that data points to a significant Taiwanese supplier reducing its iPhone 16 orders for the December quarter. This mirrors earlier discussions about shortened global delivery times for the device, both of which signal potential softness in consumer demand.
The ongoing assessment from Barclays follows through on previous evaluations, showcasing continued concerns about Apple's supply chain and product demand dynamics. The unchanged "underweight" stance reflects cautious sentiment in light of these developments, as the firm monitors how Apple navigates these potential challenges.
Investors are closely observing Apple's strategic responses and market maneuvers as it addresses the shifting landscape. Barclays' target price suggests a conservative outlook amidst these supply chain and demand challenges.
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