Investment analyst firm Redburn Atlantic has added its name to the list of firms downgrading Apple Inc. (NASDAQ:AAPL). This marks the third downgrade for the tech giant this month, following similar actions by Barclays and Piper Sandler.
What Happened: James Cordwell, an analyst at Redburn Atlantic, decreased his rating for Apple from “buy” to “neutral,” maintaining his $200 price target, reported AppleInsider, citing Seeking Alpha.
Despite forecasting a 2024 rise in iPhone sales, Cordwell cautioned about a potentially lackluster March quarter.
Previously, Barclays predicted that the iPhone 16 would have no compelling feature, while Piper Sandler downgraded the tech giant over fears of falling demand.