Apple stock falls 3% as Barclays says iPhone weakness will persist

News Snapshot:

Apple stock (AAPL) took a hit on Tuesday after Barclays downgraded the iPhone maker and lowered its price target on shares on fears of slowing iPhone 15 sales in China. Apple shares were off some 3% on the report. “We are still picking up weakness on iPhone volumes and mix, as well as a lack of bounce-back in Macs, iPads and wearables,” Barclays analyst Tim Long wrote in a note Tuesday. “The biggest takeaway from the latest checks is incrementally worse [iPhone 15] data points out of China, together with developed markets remaining soft,” he added. According to Long, the...