Loop Capital reportedly downgrades Apple over iPhone shipment recovery worries

Loop Capital downgraded Apple from buy to hold and lowered its price target to $330 from $370, CNBC reports. The new target suggested about 4% downside from Monday’s close. Loop’s concern is that Apple is on pace to fall short of revenue expectations tied to iPhones, a forecast rather than a reported sales result.

Analyst Ananda Baruah wrote that Loop had previously expected Apple to make up many, “if not most,” of the iPhone units it said were reduced for the September and December quarters through calendar 2027. Loop had believed those reductions were related to supply rather than demand. “This no longer appears to be the case,” Baruah wrote.