Apple Inc's stock market value fell sharply on Tuesday following its steep drop last year, putting it on track to end below $2 trillion for the first time since June 2021.
People look at Apple products as Apple Inc's new iPhone 14 models go on sale in Beijing, China, September 16, 2022. REUTERS/Thomas Peterstock market value fell sharply on Tuesday following its steep drop last year, putting it on track to end below $2 trillion for the first time since June 2021.the first company to reach the $3 trillion market capitalization milestone.
Apple's shares fell 4% to $124.60 after Exane BNP Paribas analyst Jerome Ramel downgraded the company to "neutral" from "outperform," slashing his price target to $140 from $180, according to Refinitiv Eikon.for fiscal 2023 to 224 million units from 245 million units, reflecting supply chain issues from manufacturer Foxconn and consumers cutting back spending on high-end phones., currently valued at $1.78 trillion.
"They tend to skew to the high-end consumer device customer but even that demographic might be being affected by the high price of everything," Bokeh Capital Partners' Kim Forrest said. Last year's steep sell-off on Wall Street punished tech-related heavyweights as investors worried about rising interest rates dumped stocks with high valuations.
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