Apple Stock Falls Again. What’s Behind the Losing Streak.

Evercore ISI analyst Amit Daryanani wrote in a research note Friday that demand for different iPhone 15 models is currently mixed.

“The data points continue to point to stable demand for the iPhone 15 Pro and Pro Max models vs. a year ago across most geographies, while the lower-end models lead times saw big contractions this week,” Daryanani said. He rates the stock as Outperform with a $210 price target.

UBS analyst David Vogt, who rates Apple as Neutral with a $190 price target, wrote in a research note Tuesday that wait times for the iPhone 15 Pro model have contracted by an average of five days compared with last year, according to UBS Evidence Lab data that tracks iPhone availability across 30 countries.

“While there are catalysts for smartphone demand approaching with the holiday season and Singles’ Day in China, the upside for iPhones is somewhat limited considering the macro environment and the competitive landscape with Huawei’s Mate60 in China,” Vogt wrote.

Apple didn’t immediately respond to a request for comment.

Sales of the iPhone are crucial for Apple: The phone provided $205.5 billion of the company’s total $394.3 billion in revenue in 2022. And revenue from product sales fell 4% from a year earlier in the company’s third quarter, ended July 1, a decline the company attributed to foreign-exchange rates and an uneven economic environment.

Rising bond yields have also hurt growth stocks, including many tech companies, reducing the current, discounted value of earnings that are expected years in the future. The yield on the
10-year Treasury note
rose to nearly 5% late in the week, for a gain of 1.2 percentage points since July. The tech-heavy
Nasdaq Composite
fell as much as Apple stock did this week.

Apple is scheduled to report its fourth-quarter earnings after the closing bell on Nov. 2. Investors will be looking for management to provide information on iPhone demand.

Write to Angela Palumbo at [email protected]