Apple's stock price fell as analysts and investors analyzed early data on the demand for the company's latest iPhone model. The stock dropped over 3.6% during early trading and has risen nearly 40% from its low in April.
Among Apple's suppliers, Cirrus Logic saw a decline of nearly 4.4%, Skyworks Solutions fell by about 3.7%, and Qorvo dropped 3.9%. Barclays cited supply chain surveys indicating that Apple might cut a key semiconductor component by around 3 million units for the December quarter if verified.
Analyst Tim Long noted that the supply situation indicates weaker demand for the iPhone 16 compared to last year. He rated Apple's stock as underweight, with a price target of $186, one of the lowest targets.
Citigroup also downgraded its iPhone sales forecast for the September and December quarters but raised its predictions for the March and June quarters of 2025. They expect significant updates to Siri next year, with a major Siri update coinciding with the iPhone 17 release. Consumers might wait to see how these updates affect their daily interaction with their phones before upgrading. Citigroup gave Apple a buy rating with a $255 price target.
