Apple stock downgraded by Barclays on softening iPhone sales

News Snapshot:

Apple started the new year on a sour note Tuesday after analysts at Barclays cut the company’s stock rating over concerns about softening sales demand for its flagship iPhone. The analysts cited recent sales checks that showed weaker demand in China, as well as developed markets. Barclays downgraded its rating for Apple to “underweight.” Barclays also cut its price target for Apple to $160, down from its previous target of $161. Apple’s stock fell about 3% to 186.38 in premarket trading after the downgrade. “We expect reversion after a year when most quarters were missed and the stock outperformed,” Barclays...