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Apple Stock Slips After New Year's Downgrade

Barclays downgraded 'Magnificent Seven' member Apple Inc (NASDAQ:AAPL) to "underweight" from "equal weight," and issued a modest price-target cut to 161from161 from 160. The analysts pointed towards weak iPhone 15 and other product volumes, and said the tech giant's price-to-earnings (P/E) ratio of 28.7 isn't "sustainable."The bear note has AAPL down 1.4% at 187.87atlastcheck,thoughtheyopenedthenewyearat187.87 at last check, though they opened the new year at 187.15. The shares just wrapped up their third annual win in the last four years, and maintain a ...