British bank Barclays stated that demand for Apple products will remain weak in 2024 and downgraded its rating. Apple's shares fell nearly 3 percent after the bank's decision. The company's shares fell to a seven-week low. Thus, about 90 billion dollars were deleted from Apple's market value.
Barclays analyst Tim Long stated that the iPhone 15 was lackluster and stated that they believe the iPhone 16 will be similar. The bank also stated that the company is on the radar of US regulators.
The institution lowered its rating on Apple shares from 'neutral' to a lower level, while lowering its 12-month price target to 160 dollars. It also gave a 'sell' recommendation for Apple shares. The company's shares rose close to 50 percent in 2023.
85 BILLION DOLLARS OF REVENUE AT RISK
On the other hand, it was stated that Apple's $ 85 billion service sector revenue is at risk.In the news of the Financial Times, it was noted that the company will face a series of lawsuits in 2024.
In the news, it was stated that the lawsuit filed against Google in the USA poses a threat to Apple. According to the lawsuit, Google paid more than $ 26 billion to become the default search engine on Apple devices and other platforms in 2021. If Google loses the case, about a quarter of Apple's services revenue could take a hit.The outcome of the case will be announced in May.
The European Union's digital services law could also have a negative impact on Apple's revenue.It was stated that the company has antitrust lawsuits filed by both the US and the EU.