Η Goldman Sachs issued a note that investors should market their Apple stock before the pandemic really affects its bottom line, as its analysts downgraded the iPhone maker to a “sell” rating on Friday.
The investment bank, which manages $1,8 trillion in assets, said it expects iPhone shipments to slow 36 percent 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 $ fell slightly with the opening of the market on Friday, a little more than 2% in pixel time
Apple's new product shipments will shrink as consumers keep their old devices longer space 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.
