(CercleFinance.com) – Bank of America announced on Thursday that it had downgraded its recommendation on Apple stock to ‘neutral’, against ‘buy’ previously, with a price target reduced in parallel from 185 to 160 dollars.
In a note released during the day, the intermediary justifies its lowering by a risk/return profile considered to be ‘more balanced’ at current levels.
“We interpret the slowdown in service activity and the unpromising delivery times on the iPhone as signals that consumer demand is set to slow,” BofA said.
A trajectory which could deteriorate further by the end of the 2022/2023 financial year, continues the analyst, who consequently lowers his forecasts of results.
“While Apple’s long-term outlook remains positive, we see growing risk around earnings and valuation in the near term,” the analyst said.
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