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TammyYap
2021-05-30

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Apple gets rare sell rating as New Street downgrades and predicts nearly 30% stock decline

Apple could see a significant decline in sales of its flagship iPhone and investors should get out before the stock tumbles, according to a note from New Street Research.The tech giant reportednearly $48 billion in iPhone salesfor its fiscal second quarter, helping the company blow past analyst estimates for earnings and revenue. Several analysts have said that the iPhone 12 was part of a new supercycle for Apple.However, New Street analyst Pierre Ferragu downgraded the stock to sell from neutra

Apple gets rare sell rating as New Street downgrades and predicts nearly 30% stock decline

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Bbloh
·2021-05-30
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TammyYap
·2021-05-30
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Several analysts have said that the iPhone 12 was part of a new supercycle for Apple.However, New Street analyst Pierre Ferragu downgraded the stock to sell from neutral, saying in a note to clients on Friday that the strong sales for the iPhone 12 seem unsustainable.New Street is only the second firm with a sell rating on Apple, according to Tipranks.com. The stock has 18 buy ratings and 5 hold ratings, according to Tipranks, making it one of the most loved securities on Wall Street. Wolfe Research is the only other firm with a sell rating. None of the major Wall Street banks call it a sell.“Most affluent consumers did not see their earnings power much affected by the pandemic, but they saw their spending opportunities shrink. High-end consumer electronics benefited as a result. The iPhone is the best illustration of this, driving close to record shipments in FY21, implying the iPhone 12 is the second best-ever received iPhone,” the note said.However, the confluence of events that made the iPhone 12 a success means that demand has been pulled forward, creating a risk for a disappointing follow-up in the company’s 2022 fiscal year, New Street said.“We see material downside risk – shipments in the 180-200m range vs. consensus at 234m, and downgrade the stock to sell,” the note said.Apple, like several other Big Tech stocks, has underperformed the broader market this year. 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