Apple Stock Faces Second Downgrade in a Week Amid Concerns Over iPhone Sales

Shares drop to an eight-week low as the tech giant grapples with weak demand in China and an ongoing patent dispute.

Apple's stock has been downgraded twice in the first week of 2024 by Piper Sandler and Barclays due to concerns over iPhone sales, particularly in China.
Apple's shares have dropped 1.7% to an eight-week low of $181.20, losing about $176 billion since the start of the year.
Apple is dealing with weak demand in China due to strained consumer spending in the country, as well as the revival of local rival Huawei.
Apple is also facing headwinds due to an ongoing patent dispute involving its new Apple Watches.
Despite the downgrades, Apple remains the most valuable company by market value worldwide with a capitalization of over $2.8 trillion.