Loop Capital slashes Apple price target to $170 on weak iPhone sales

Citing reduced iPhone orders amid demand weakness, especially in China, a Wall Street investment firm on Monday slashed its price target on Apple stock.
Patrick Seitz for Investor’s Business Daily:
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Loop Capital analyst Ananda Baruah reiterated his hold rating on Apple stock and cut his price target to 170 from 185.
“We now project Apple overall revenue and EPS (earnings per share) to decline year over year in calendar 2024 for the first time since 2016,” Baruah said in a client note.
Consensus estimates for Apple’s March-quarter results are at “some risk,” while Street estimates for Apple’s June quarter are facing a “material risk,” he said…
In a separate report Monday, Loop Capital analyst John Donovan said his firm’s supply chain checks in Asia indicate that Apple has “sharply” cut its iPhone builds.
Apple cut its iPhone orders forecast for 2024 to 199 million units, down 7% to 8% from previous targets, Donovan said..

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