Investment analysts at Barclays say the 2024 iPhone 16 lineup won't change what they see as falling demand for iPhones, and have consequently cut their share price target.
Barclays cut its price target on Apple by just a dollar, from $161 to $160, but Barclays believes the stock is underperforming and doesn't expect the situation to improve.
“Our review of iPhone 15 volume and mix remains negative, and we don't see any features or upgrades that could make iPhone 16 more compelling,” Barclays analysts said in a note to investors seen by AppleInsider.
Analysts also noted that Mac and iPad sales are slowing. As for Apple TV+, Barclays estimates that Apple is losing about $6 billion a year due to its lack of scale and high content costs.