Apple suffers second rating downgrade in tough start to 2024

Apple fell further on Thursday, losing about $176 billion since the start of the year, after Piper Sandler became the second brokerage this week to downgrade the stock on worries of tepid demand for its products, including the iPhone. The company's shares dropped 1.7% to an eight-week low of $181.20 on Thursday. If the losses hold, Apple stands to lose $47.4 billion of its value for the day."We are concerned about handset inventories entering into 1H24 and also feel that growth rates have peaked for unit sales ... deteriorating macro environment in China could also weigh on handset business," Piper Sandler lead analyst Harsh Kumar wrote in a note to clients. https://ift.tt/YsBO10U