Investment bank Bank of America downgraded the rating of Apple shares from «recommended to buy» to «recommended to hold», which led to a drop in shares of the iPhone manufacturer by almost 5%. The bank's analysts predict a short-term risk of a reduction in the company's revenue due to a slowdown in the production of the iPhone 14 and the provision of services. In addition, Bank of America lowered its target price for shares from $185 by about 14%, to $160. «We consider the decline in the service sector and the relatively low lead times for iPhone orders as indicators of a slowdown in consumer spending,» the bank's experts say. As a result, Apple shares fell by 4.9% to $142.48. This was the lowest price since mid-July. A few days earlier, shares of Apple Inc. have already shown a decline against the background of the company's plans not to increase production of the new iPhone 14 smartphone due to the fact that the demand for the new product has not justified itself. Overall, Bank of America lowered its forecast for Apple's fiscal 2023 earnings per share of $5.87 and revenue forecast of $379 billion. Previously, these figures were at the level of $6.46 per share and $412 billion, respectively.
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