Tech
Apple valuation down $75bn after stock downgrade
Analysts at Barclays cut their rating on Apple to underweight due to expected lower sales of its flagship phone
Apple has been downgraded by Barclays Bank with analysts expecting less demand for its latest iPhone.
Barclays analysts led by Tim Long cut their rating on Apple to underweight and price target to $160 from $161, implying a 17 per cent decline over the next year, based on its last close. The stock dropped 2.5 per cent on Tuesday, representing a loss of nearly $75 billion in market capitalisation.
“We expect reversion after a year ...