Apple Shares Fall Following Loop Capital Downgrade and Softening iPhone Demand Data

Apple Inc. shares declined 1.08% in premarket trading on Tuesday following a rating downgrade and reports of softening iPhone upgrade intentions. Loop Capital downgraded Apple from Buy to Hold, lowering its price target from $370 to $330 due to weaker consumer demand and rising memory component costs. This followed a KeyBanc survey showing 12-month upgrade plans fell to 41% from 48%, alongside diminished interest in artificial intelligence features. KeyBanc reiterated an Underweight rating and a $250 price target, pointing to 27% downside risk, while Apple also faced regulatory pressure over Apple Pay in the UK.