KEY POINTS
  • Apple shares fell 4% after Barclays downgraded the stock and trimmed its price target, saying weakening iPhone 15 sales were likely a warning sign for iPhone 16 sales and broader hardware projections.
  • Analyst Tim Long also expects weakness in the services business, citing regulatory scrutiny as one factor.
  • iPhone sales have been worrying some analysts and investors since at least October.

In this article

Apple shares slipped 4% on Tuesday, after Barclays downgraded the stock to underweight and slightly trimmed its price target from $161 to $160.

Barclays analyst Tim Long wrote in a note to clients Tuesday that the iPhone 15's current "lackluster" sales, specifically in China, presaged similarly weak iPhone 16 sales — weakness that Long expects will hold true for Apple's hardware sales broadly.

In this article