Analysts are Downgrading These 5 Stocks

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1. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 128

Shares of Apple Inc. (NASDAQ:AAPL) slipped over two percent in pre-market trading Thursday, September 29, after BofA downgraded the world’s most valuable company from “Buy” to “Neutral.

BofA thinks Apple Inc. (NASDAQ:AAPL) has been outperforming the broad market due to its resilience to weather tough macro environment. However, it may not be able to outperform over the next year due to slowing consumer demand, the research firm added. BofA also trimmed its price target for Apple Inc. (NASDAQ:AAPL) from $185 per share to $160 per share.

The downgrade came after several reports claimed that Apple Inc. (NASDAQ:AAPL) has scrapped its plans to boost the production of its newly launched iPhone 14 due to lower-than-expected demand.

You can also take a peek at 10 Long-Term Stocks To Buy During Recessions and 10 Best Cyclical Stocks for Inflation.

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