Having broken below its 200-day moving-average and suffering from the herd-like shift in trend of analyst downgrades, the ‘no-brainer’ stock of all ‘no-brainer’ stocks has plunged over 20% from its record highs and officially entered a bear market…
In November, Apple reported underwhelming iPhone sales, forecast that its holiday quarter will be on the low end of expectations., and also said that it would stop reporting unit sales for iPhones, iPads, and Macs.
Earlier this week, a handful of Apple suppliers cut their outlooks, suggesting weaker smartphone demand ahead; and that was followed by analyst downgrades.
“We see growing risk of even softer iPhone unit demand, with downside in China, India and other emerging markets, where Apple may need to start considering lower price points,” Guggenheim analyst Mark Cihra said in a note sent out to clients on Wednesday. He downgraded Apple to “neutral” and removed his prior $245 price target.
That followed similar comments out Tuesday from Goldman Sachs, which noted “end demand for new iPhone models is deteriorating.”
So is it any wonder this ‘tech’ darling is being dumped?
A $200 billion market cap loss.
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