Apple's Stock Slips as Barclays Downgrades Stock To 'Underweight' And Trims Price Target

Apple shares fell more than 2% after Barclays analysts downgraded the stock to "underweight" and trimmed the price target from $161 to $160. Analyst Tim Long predicts a downturn in the services sector due to regulatory pressures and suggests that declining iPhone 15 sales could foreshadow weaker iPhone 16 sales and overall hardware performance. Analysts have noted weakness in China's iPhone sales, as the Chinese government has also issued some informal guidance discouraging the use of iPhones by state employees.