Apple slapped with second stock downgrade as Wall Street fears sagging iPhone demand

Apple was slapped with its second major stock downgrade of the week on Thursday as fears mount on Wall Street about lukewarm demand for its flagship iPhone.Piper Sandler & Co. lowered its ratings for Apple’s stock to “neutral” from “overweight” on Thursday. The firm’s analysts, who had been bullish on Apple since March 2020, pointed to fears about a weakening economic environment in China, Bloomberg reported.“We are concerned about handset inventories,” analyst Harsh Kumar wrote in the note to clients. “Gr ...