After surging roughly 50% to a record high in 2023, a rare rating downgrade from Wall Street helped push Apple stock down 3.65% on Tuesday, shaving over $100 billion from the tech giant’s market cap.
Barclays analyst Tim Long tagged Apple with an “underweight” rating due to weak iPhone demand Tuesday morning, arguing its shares could sink roughly 13% to $160 over the next 12 months.
