Apple's stock slumps after Barclays removes 'top pick' ranking
Shares of Apple Inc. shed 1.4% in midday trade Thursday, putting it on course to snap a three session win streak, after Barclays removed its "top pick" designation on the technology behemoth amid concerns over iPhone sales and valuation. Analyst Mark Moskowitz kept his rating at overweight but trimmed his stock price target to $114, which is just 1.4% above current levels, from $115. "Our research indicates a recovery in global smartphone growth could be pushed out," Moskowitz wrote in a note to clients. "Plus, conversations with industry participants suggest iPhone sales trends could be at risk of petering out in coming months, similar to last year's post-iPhone 6S launch fallout." Some reports that an iPhone 7 exploded could be a cause for concern among investors, following a global recall by Samsung Electronics Co. of its latest smartphone after receiving reports from users of batteries exploding during charging. Apple's stock has climbed 6.8% year to date, while the Dow Jones Industrial Average has gained 5.1%.
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