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Apple shares slipped 4% on Tuesday, after Barclays downgraded the stock to underweight and slightly trimmed its price target from $161 to $160.
Barclays analyst Tim Long wrote in a note to clients Tuesday that the iPhone 15’s current “lackluster” sales, specifically in China, presaged similarly weak iPhone 16 sales — weakness that Long expects will hold true for Apple’s hardware sales broadly.
“We are still picking up weakness on iPhone…
