Product demand is weak, stock prices are sluggish, and Apple (AAPL.US) has been removed from Goldman Sachs' best buy list.
04/03/2024
GMT Eight
Due to concerns about weak demand for Apple Inc. (AAPL.US)'s main products and its poor stock performance, Goldman Sachs has removed Apple from its list of top buy-rated companies.
Since June of last year, Apple has consistently been ranked in the top 20-25 of Goldman Sachs' best buy-rated list. During this period, the company's stock price has remained relatively flat, while the S&P 500 index has surged nearly 22%. After being removed from the list, Apple dropped by 0.6% last Friday.
Apart from Tesla, Apple has significantly lagged behind other companies in the "Big Seven" of the US stock market. The company's weak performance is mainly attributed to concerns about long-term sluggish iPhone sales.
Goldman Sachs stated that its best buy-rated list is reviewed monthly, and if a stock no longer fits the "best investment thesis", it will be removed.
Currently, analyst Michael Ng still maintains a buy rating for Apple Inc., stating that "market concerns about slowing product revenue growth overlook the strengths of Apple's ecosystem and the sustainability and visibility of related revenues".