Loop Capital downgraded Apple Inc. from Buy to Hold and cut its price target from $370 to $330.
The firm cited data showing Apple cut its iPhone shipment projections by 10% for both the September and December quarters.
The analyst initially attributed the cuts to supply chain issues and expected Apple to recover the volume in 2027. New supply chain checks indicate Apple does not plan to recover the approximately 13 million units cut in the second half of 2026.
Loop Capital said the outlook points to potentially sustained softness in consumer demand. Rising memory costs also add pressure to margins.