MarketPulse: Apple Falls as Street Abandons Positive Outlook
Published Nov 14, 2018 03:05PM ET
Updated Nov 14, 2018 03:23PM ET
Investing.com - Apple continued to bleed Wednesday as Wall Street braced for further signs that the tech giant is struggling to sell its latest iPhones, even as a key supplier eased some concerns over waning iPhone demand.
Dour outlook on growth from Apple (NASDAQ:AAPL) suppliers have not painted pretty picture for iPhone demand, prompting Wall Street analysts to slash their targets on the iPhone maker's shares. Its shares were down more than 2%.
Guggenheim downgraded its rating on Apple to a neutral from buy, warning that the tech giant could no longer rely on increasing the price of its iPhones to offset weak iPhone sales.
Separately, UBS also slashed its target on buy-rated Apple to $225 from $240, citing supply chain cuts.
Dialog Semiconductor (DE:DLGS), however, provided some optimism Wednesday, saying it had not seen demand weakness from its main customer Apple.
Worries over iPhone demand emerged earlier this week after Apple suppliers Lumentum Holdings (NASDAQ:LITE) and Qorvo (NASDAQ:QRVO) slashed guidance on growth.
Elsewhere, FAANG stocks traded mostly lower as Alphabet (NASDAQ:GOOGL) and Facebook (NASDAQ:FB) traded higher, while Amazon.com (NASDAQ:AMZN) and Netflix (NASDAQ:NFLX) were in the red.
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Written By: Investing.com
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