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Apple shares still under pressure: hope for developer conference
Read why Apple sentiment "can't be much worse," according to a stock analyst, and how this impacts Apple stock performance. Learn more!
Apple shares still under pressure: hope for developer conference
The technology giant Apple is currently facing various challenges that are negatively impacting the performance of Apple shares. An analyst at Mizuho Securities has described the current sentiment around the company as extremely negative. Apple shares have already lost 12.74 percent of their value this year, which is considered disappointing compared to other tech majors that benefited from the AI rally.
Analysts such as Loop Capital, JPMorgan and DZ Bank have reduced their price targets for Apple shares. Loop Capital lowered its 12-month price target from $185 to $170, JPMorgan from $215 to $210 and DZ Bank even from $210 to $180. Although Apple shares are viewed positively overall, the median price target of $200.21 is still well above the last closing price.
A key reason for the negative sentiment towards Apple is the cancellation of the Titan project, in which the company had planned to bring its own car onto the market. The project was canceled due to technological problems and market shifts. The hope of many analysts that Apple could revolutionize a new market segment with its own vehicle is therefore gone.
In addition, Apple is suffering from declining demand for iPhones, particularly in China, a key sales market. iPhone sales in China fell 24 percent and Apple's market share shrank to 15.7 percent. This development led to Apple losing its position as the world's largest smartphone manufacturer to Samsung.
Despite these challenges, investors may be eagerly awaiting what innovations Apple will showcase at its developer conference in mid-June, particularly in the area of artificial intelligence. A positive presentation could potentially turn sentiment around Apple shares around.