Apple stock takes another hit, as Piper Sandler downgrades to neutral

Apple has been dealt another blow to its stock price, as analysts at Piper Sandler have downgraded AAPL to 'neutral' over concerns of handset and macro weakness in 2024.Apple's iPhone 15 may have a tough start to 2024As part of a much larger note seen by AppleInsider, Harsh Kumar of Piper Sandler is discussing the chip market and macroeconomic concerns. Factors specifically affecting Apple are a difficult first-half handset market, and signs of RAM and Flash chip pricing increasing.'We are concerned about handset inventories entering into 1H24 and also feel that growth rates have peaked for unit sales,' Kumar writes. 'Handsets are ~51% of total revs.' Continue Reading on AppleInsider | Discuss on our Forums