Apple shares dip on rare Bank of America downgrade
Summary
Shares of Apple were down 4.5% on Thursday after Bank of America analysts delivered the stock a rare downgrade. The analysts lowered their rating from buy to neutral, also cutting its price target from $185 to $160 per share. The downgrade came on the heels of a Bloomberg report Wednesday that said Apple had told some suppliers to abandon plans to ramp up production for its new iPhone 14 after failing to see as high demand as anticipated. Rosenblatt Securities upgraded its rating on Apple from neutral to buy and raised its price target to $189 from $160, implying a 25% rally from current levels. It made the call after its survey of over 1,000 U.S. adults showed strong demand for even the pricier new Apple products.
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