IPhone demand will disappoint this year, according to another Wall Street analyst.
Atlantic Equities lowered its rating for Apple shares to neutral from overweight on Monday, predicting weaker-than-expected sales for the company’s March quarter. This follows a downgrade of the popular stock last week by Longbow Research.
We see “signs that iPhone demand is starting to soften, limited visibility into the potential for future iPhone cycles and emerging challenges to the smartphone’s dominance at the centre of consumer technology, we believe the stock’s multiple will compress, limiting upside potential,” analyst James Cordwell wrote in a note to clients. We are “lowering our March qtr revenue estimates and are now below consensus for Q2-Q418.”
