On the news side, Piper Sandler's analyst Harsh Kumar downgraded Apple's rating from "overweight" to "neutral" on Thursday, with a target price of $205, citing concerns about iPhone inventory levels and sales growth rates peaking. It is worth noting that Kumar has been bullish towards Apple since March 2020 until this adjustment. He wrote in the report, "We are concerned about the mobile phone inventory entering the first half of 2024, and also believe that the sales growth rate has reached its peak." Earlier, Barclays Bank had rare downgrades to Apple's stock rating.