Apple Downgraded as iPhone Slumps

Wall Street analysts have downgraded Apple stock due to signs of slowing demand for iPhone handsets, which could impact the company's performance in the June quarter. Apple has reduced its builds and shipment forecasts for the second time in four weeks, which poses downside risk to Apple's guidance and Wall Street estimates for the June quarter. Apple chip supplier Cirrus Logic was also downgraded to hold from buy and lowered the price target on CRUS stock. Apple has reduced its June-quarter iPhone builds and shipments by about 10% to 34.2 million units, but it plans to increase production for the September quarter ahead of the iPhone 15 launch. Production plans for the iPhone 15 have been revised down to 87 million units in 2023 from an initial estimate of 98 million units.