Apple (AAPL.US) Downgraded to "Hold" by Loop Capital: iPhone Shipment Cuts May Be Hard to Recover, Valuation at Five-Year High

Zhito Finance APP has learned that Loop Capital downgraded Apple (AAPL.US) from "Buy" to "Hold," citing cuts to iPhone shipments. "The key point is this: Apple had previously cut iPhone shipments for the September quarter and the December quarter by 10%, and at the time we believed that because these cuts were due to supply-side reasons (memory and processors) rather than demand-side reasons, they had the ability to make up much (if not most) of the cut volume before calendar year 2027," Loop Capital analyst Ananda Baruah wrote in a note to clients. "But that no longer appears to be the case. In addition, while this is not the main focus of our view today, we acknowledge that as memory costs continue to rise, there is downside risk to gross margins."