His decision was based on macro headwinds and demand for a phone series without new chips.
The Bank of America analyst who made waves Thursday by downgrading Apple said his decision was based on the tech giant's decision not to upgrade chips in the iPhone 14 series. "That is a real departure from from prior generations," analyst Wamsi Mohan told "Squawk on the Street" when talking about the chips. "We think that that is actually something that consumers are aware of and make a decision based on.
The stock has outperformed the S & P 500 so far in 2022, but Mohan said that Apple's stature as a "safe haven" stock may be in jeopardy as consumer spending takes a hit, which analysts expect to hurt iPhone 14 performance. Apple could also see a short-term slog on services that could translate to a lower gross profit, Mohan said in the note.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Here are Thursday's biggest analyst calls: Apple, Exxon, Coinbase, Alphabet, Amazon, Marvell & moreHere are Thursday's biggest calls on Wall Street.
Leer más »
Hays County and DEA show parents how to break the ‘Emoji Drug Code’ following recent student deathsLocal and national law enforcement are spreading awareness to parents and schools about how drug dealers communicate through emojis to sell illicit drugs to children.
Leer más »
Stocks Making the Biggest Moves Midday: Apple, Netflix, Biogen, Canopy Growth and MoreThese are the stocks posting the largest moves in midday trading.
Leer más »
Astronomers discover secret star at the center of gorgeous Cat's Eye NebulaThe 'most complicated' nebula in the galaxy reveals its big secret.
Leer más »
Pro Picks: Watch all of Wednesday's big stock calls on CNBCA recap of Wednesday's best stock picks on CNBC.
Leer más »