After Barclays downgraded Apple's rating to 'sell', the technology giant's shares fell sharply yesterday.
"iPhone 15 sales were weak and we expect the same to be true for iPhone 16," Barclays analyst Tim Long said in a note on Apple. In the note, it was stated that weak demand for Apple products in developed markets continues and there are difficulties in the Chinese market.
Barclays lowered its Apple share price target by 1 dollar to 160 dollars. Following this, the company's shares fell 3.58 percent to 185.64 dollars yesterday.
Thus, Apple's market capitalization also fell by 107 billion dollars in one day to 2 trillion 887 billion dollars.
ROSE 45 PERCENT IN 2023
Although Apple shares did not make a good start to 2024, it earned 45 percent to its investors last year.
Apple, the world's most valuable publicly traded company, is struggling to increase its sales as in previous years, especially as Chinese companies increase their weight in the market.
According to the latest data published by the research firm Counterpoint, Apple's market share in the sales of 'premium' phones with a sales price of over $ 600 declined from 75 percent to 71 percent last year. In contrast, China's Huawei's share in this class rose from 3 percent to 5 percent.
