Shares of Apple were downgraded on Monday by Loop Capital, which predicted the iPhone maker would fall short of its June quarter revenue guidance, citing proprietary shipments estimates from the research firm. “We’ve now seen AAPL reduce its builds (and we believe shipment forecasts) for essentially the second time in the last 4 weeks,” wrote analyst Ananda Baruah in the note. “Specifically, Loop Capital Supply Chain Analyst John Donovan sees AAPL having reduced its Jun Q builds and shipments by 10%, and we note this is incremental to the reduced Jun Q guidance AAPL provided on 5/4.” Loop downgraded Apple to hold from buy and kept its price target at $180. Apple shares closed Friday at $175.16, up 35% for the year as investors huddled into the stock and other tech plays with a recession looming. Earlier this month, Apple reported results for the prior quarter that topped expectations. The company predicted revenue for the current quarter to fall by about 3%. “While we believe AAPL’s Sep Q & Dec Q shipment outlook remains intact, we also believe the risk has increased it could eventually be lowered,” stated the Loop note. Apple shares fell about 1% in premarket trading.
