Apple shares are down 4.3% in the first trading week of 2024

In the first week of 2024, Apple’s stock price dropped by more than 4% after Barclays downgraded the company. The firm cited weak demand for the iPhone 15.

After Piper downgraded Apple’s stock, the company’s share price fell 0.6% in premarket trading.

According to the firm, it’s concerned about the rising inventories and the slowing growth rates of the mobile device industry.

According to the firm, the weakening economic environment in China could affect the company’s handset business. In addition, investors might be distracted by the negative news about the Watch and the legal battles that it is involved in.

The firm also noted that the increasing interest rates would continue to affect the company’s business.

The analysts also noted that the company’s valuation is overvalued, with the current price-to-earnings ratio of 29x, which is higher than the 5-year average of 24x. As a result, they downgraded the stock to Neutral.