Apple’s market value closed below $2 trillion on Tuesday for the first time since March 2021, after the iPhone maker lost $77 billion in capitalization on the first day of trading in 2023.
The company’s shares fell 3.74% to $125.07 apiece, this after Exane BNP Paribas analyst Jerome Ramel cut his recommendation to “neutral” from “above market average” and cut his price target to $140. from $180, according to Refinitiv Eikon.
With this, the stock market value of the company ended Tuesday at 1.95 trillion dollars. Just a year ago, Apple hit $3 trillion in market capitalization.
During the session, the company’s shares reached a minimum of $124.17 and a maximum of $130.90.
In addition to the target price cut, Ramel lowered his fiscal 2023 iPhone sales expectations to 224 million units from 245 million units, reflecting supply chain woes at manufacturer Foxconn and reduced consumer spending. on high-end phones.
They (Apple) tend to skew towards the high-end consumer device customer, but even that demographic could be affected by the high price of everything,” said Kim Forrest of Bokeh Capital Partners.
Analyst consensus expects the Cupertino, California-based company to report a 1% drop in revenue for the last quarter of 2022 in the coming weeks, according to Refinitiv. This would be Apple’s first quarterly drop in revenue since the March 2019 quarter.
Despite Tuesday’s drop, Apple still remains the world’s most valuable company on the stock market, ahead of Saudi oil company Aramco (with a value of 1.89 bdd) and software designer Microsoft (1.78 bdd).
Last year, Aramco surpassed Apple in market capitalization amid a rebound in the energy sector on the stock market thanks to the increase in international oil prices.
(With information from Agencies)
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