Global Equities Research analyst Trip Chowdry downgraded Apple to Sell (NASDAQ:), with a price target $95.00 per Share

The analyst claims Apple has “zero innovation” with shares mostly supported by buybacks. Moreover, Chowdry adds that the product line is “depleted” as he calls for 0% growth in 2024.

Chowdry lists nine reasons why he’s bearish about Apple stock.

1. Apple Sales in Russia, Ukraine and Russia were negatively affected during the March Quarter. This will continue until the least June quarter.
2. Covid lockdown in Shanghai could have an impact on the results of the March-June quarter;
3. In high-interest rates environments, stock price appreciation will not be possible if you buy back stocks and take out debt.
4. AAPL’s position in global K-12 and higher education is slipping;
5. AAPL’s innovation pipeline has been drained – there are no new products or services.
6. Metaverse re-platforming has begun and AAPL is not going to stop it.
7. AAPL is a more than a Generation behind , , ,  in artificial intelligence/machine learning (AI/ML);
8. The AAPL ecosystem for developers is becoming weaker;
9. Investor optimism about AAPL’s services revenue is misdirected.

All these factors will contribute to a “downhill journey” for Apple stock with recovery being seen as “extremely difficult.”

Apple shares closed Friday night at $161.79, and are currently down by 1.2% for pre-ope Monday.

Chowdry’s price target implies a downside risk of over 40%.

By Senad Karaahmetovic