Watch out Apple. Brexit may hit you.
Analysts at Citi cut their estimates for Apple's fiscal third and fourth-quarter earnings on Tuesday, citing Brexit-related macroeconomic uncertainty as one of their reasons.
"Macroeconomic conditions or shifting consumer demand could cause greater-than- expected deceleration or contraction in the handset and smartphone markets. This would negatively impact Apple's prospects for growth, and the shares may fail to achieve our target price as a result," Citi analysts said in a note to clients.
The United Kingdom's decision to leave the European Union shook equity markets across the globe, sending them sharply lower, before they reclaimed most of their gains.