Apple Stock Price Target Is Cut Again at Goldman

Apple Stock Price Target Is Cut Again at Goldman

Apple Stock Price Target Is Cut Again at Goldman

While the iPhone XS and XS Max went on sale globally in September, Apple began selling the iPhone XR last month.

The Wall Street Journal reported that demand for all three of the new iPhones has been lower than expected.

Screen maker Japan Display cut its full-year outlook citing weaker smartphone demand, while British chipmaker IQE said it expects a material reduction in its financial performance in the current year. The device that seems to be worst off is the iPhone XR, the cheapest 2018 model, whose production has been cut down twice since it was first introduced in September.

Each of the five FAANG stocks - Facebook, Amazon, Apple, Netflix and Google-parent Alphabet - slipped into a bear market on Monday - meaning a fall of 20 per cent or more from the stock's 52-week high. Apple cut its production plan by nearly a third of the nearly 70 million units that suppliers have been asked to produce.

In an unexpected move, Apple has cut down production orders of their three iPhone models due to lower than expected sales.

Hall said there is increasing evidence that Apple's ability to maintain its pricing power is waning.

The same media also reported that 22 out of 41 surveyed investment analysts had rated Apple Inc's stock as "Buy", while 15 - as "Hold". New Street Research restated a sell rating on shares of Apple in a research note on Tuesday, September 18th.

It was only a few weeks ago when we heard that Apple had slashed production of the iPhone XR as demand failed to meet expectations.

Lumentum Holdings, AMS AG, companies which supply Apple with software needed for its FaceID technology, also lowered their forecasts.

Fortune has asked Apple for comment on the report, and will add it in as and when it arrives.

The iPhone maker's stock, which has played a major role in powering a decade-long bull run for equities, is down almost 20 per cent from a record high in October following a disappointing holiday-quarter sales forecast and weak outlook from several of its suppliers.

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