Analyst: Apple Sales Likely to Struggle

Apple stock has shed 13% from its July record high

Deputy Editor
Oct 4, 2023 at 9:08 AM
facebook X logo linkedin

Apple Inc (NASDAQ:AAPL) stock is leading blue-chip components' premarket losses this morning, after KeyBanc downgraded the shares to "sector weight" from "overweight." The analyst cited valuation concerns after AAPL's recent surge, as well as expectations that U.S. sales will struggle.

Last seen 0.7% lower before the bell, Apple stock has taken a 13% haircut from its July 19 all-time high of $198.23. Look for today's pullback to test the $170 level an area that happens to coincide with the shares' 180-day moving average. Year to date, AAPL is up 32.7%.

To show how rare this downgrade is, and how it could impact the broader tech sector, consider this: 21 rate the Big Tech stock a "buy" or better, with zero "sells" on the books. Echoing this, the 12-month consensus target price of $199.56 is a 16.5% premium to last night's close. 



How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.