MoffettNathanson has issued a bearish outlook on Apple, downgrading the stock from neutral to sell and reducing its price target from $202 to $188, signaling a potential downside of 23%. Despite a 30% surge in 2024, analyst Craig Moffett argues this rise is unjustified, noting that Apple’s recent performance lacks positive catalysts. He points to negative developments, including the lukewarm reception of the iPhone 16 and diminished sales compared to the iPhone 15, with Apple Intelligence failing to drive significant interest. Regulatory pressures and competition from rivals like Huawei further complicate Apple’s outlook, particularly in China. Moffett also expresses concern regarding potential supply chain disruptions due to proposed tariffs under President-elect Donald Trump’s administration. He concludes that although Apple remains a strong company, the current market environment presents a “decidedly unattractive” outlook for its shares. Interestingly, despite Moffett’s negative assessment, the majority of analysts remain optimistic, with 34 out of 49 rating Apple as a buy, although the average target suggests a slight decline ahead.
