iphone sales disappointing, Apple stock rating rare even cut

An analyst at Wall Street predicted that Apple's iphone performance would be disappointing this year, and that it downgraded Apple's stock rating, a rare downgrade to Apple's share rating.


The analyst, Longbow Research, has downgraded Apple's stock rating from "buy" to "neutral", citing Apple's iphone shipments in the 2018 fiscal year less than previously expected.


Shawn Harrison, an analyst at Longbow study, said in a report to investors in Wednesday that "the iphone's current sales cycle is just good, and not very good".


"With the introduction of the iphone x phone, the high price of the handset has also partly curbed the demand for the iphone, while the iphone 8/8plus market demand has cooled as Apple has again increased the output of the iphone 7 series," the analyst said. ”


To that end, Harrison lowered the iphone shipments in the 2018 fiscal year from 248 million to 233 million, slightly below the average Wall Street analyst's expected 239 million.


Apple's share price fell 0.3% per cent in the US stock market trading in Wednesday, under the influence of Harrison's report.

Apple's last downgrade of the stock was on December 19, when Nomura Instinet, a market-research firm, downgraded the company's stock rating from "buy" to "neutral" on the grounds that Apple's high valuations were overvalued compared to previous iphone cycles.

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