Apple shares slide below $200 Monday — trading at their lowest level in over three months — just one session after the tech giant’s market capitalization fell back below $1 trillion. Shares are on track for their first 10% drop over two trading days since January 2013.
The recent selling comes after Apple reported underwhelming iPhone sales and gave soft guidance for its crucial holiday quarter. More disappointingly, the company said it would no longer reveal unit sales for its hardware.
The smartphone giant said it sold 46.9 million iPhones in the third quarter, missing the 48.4 million expected by analysts surveyed by Bloomberg. It also said it expected fourth-quarter revenue to be $89 billion to $93 billion, which was on the low end of the $92.74 billion that analysts were expecting.
Apple’s disappointing phone sales and outlook have led some analysts to downgrade the stock.
On Friday, Rosenblatt Securities downgraded its rating on Apple to “neutral,” saying it will be difficult for the tech giant to offset weaker volume with higher selling prices in the second half of 2019, according to CNBC.
Bank of American Merrill Lynch on Friday also downgraded Apple to “neutral,” and slashed its price target to $220 from $235. Similarly, RBC Capital Markets cut its price target to $240 from $250, but maintained its “outperform” rating.
Apple was down 15% from its record peak set on October 3, but was still up 15% this year.
