Goldman Sachs issued a note that investors should dump their Apple stock before the pandemic really affects its bottom line, as its analysts downgraded the maker iPhone in the "sell" category on Friday.
The investment bank, which manages assets data $1,8 trillion, said it expects iPhone shipments to slow 36% in the third quarter of this year.
On the other hand, the financial portal MarketWatch Reported that Goldman Sachs has revised its share target Apple Lossless Audio CODEC (ALAC), at $ 233 out of 250 and almost 20% below current prices.
AAPL$ was slightly lower at the open market of Friday, just under 2% in pixel time
Shipments of new Apple products will shrink as consumers continue to have their old ones Appliances for a longer period of time with the threat of recession, he explains Goldman Sachs analysts through Reuters.
Existing users will also tend to opt for less expensive Apple devices if they buy a new smartphone, the company said.
As for future smartphones: Goldman Sachs analysts reportedly don't think Apple will release any new iPhones until early November at the earliest, since the processes production of the company have been frozen due to global restrictions.
This article does not give any investment advice and you should do your own research if you are considering selling your stock.
