Apple's market value drops by $170 billion
Apple's stock recommendation was revised downward for the second time in a week. As the company's shares hit their lowest in eight weeks, Apple's market value decreased by $170 billion in the first week of the year.
The shares of the U.S. technology giant Apple declined to an eight-week low following the downward revision of the stock recommendation by Piper Sandler.
Following the revision by Barclays, Piper Sandler's similar adjustment marked the second downward revision in a week for Apple stock, driven by concerns about demand.
After the decision, the company's shares fell by 1.4% to $181.6 per share, reducing Apple's market value by approximately $170 billion in the first week of 2024.
THE WORLD'S MOST VALUABLE COMPANY
With a capital of over $2.8 trillion, Apple still retains its status as the world's highest market-value company. The recent losses have only brought the company's shares about 8% below the historical high recorded at the close of December.
Piper Sandler downgraded its recommendation for the company from "overweight" to "neutral" and reduced its price target by $15 to $205.
Barclays had also downgraded its recommendation for Apple's stock from "neutral" to "underweight" on Wednesday, anticipating weak demand for Apple products in 2024.