Apple: continues falling as BofA more cautious

(CercleFinance.com) - Apple continued its downward trend on the New York Stock Exchange on Friday, the victim of cautious comments from Bank of America, which lowered its earnings forecasts for the Apple-based company.


At the end of the morning, the stock closed down 0.4%, just underperforming the Dow Jones index, which closed down 0.3%.

In its morning comments, BofA said it had reduced its sales estimates for the iPhone due to the lukewarm reception of the iPhone 16 and the difficulties encountered by the group in rolling out its AI-related functionalities.

For the group's Q2, to end-March, the broker said it now expected only 49 million units to be delivered, compared with 56 million previously.

By way of comparison, Wall Street is forecasting the delivery of 52 million units in the current quarter.

For fiscal years 2024/2025 and 2025/2026, BofA says it expects 229 and 246 million units respectively, compared with 239 and 257 million so far.

The analyst, who is maintaining his buy recommendation on the stock, has accordingly lowered his price target from $256 to $253.

Since its all-time high just a month ago on 26 December, the stock has lost almost 17% of its value, but this has not prevented it from remaining in second place in the world's largest market capitalization rankings, behind Nvidia.


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