Apple’s Stock Price (NASDAQ: AAPL) Drops 9.4% In Week, What is The Latest?

Apple's stock price (NASDAQ: AAPL) shed 9.4% last week, as Siri delays, and shifting sentiment has left AAPL in correction territory. There are notes of discontent rarely seen at the firm, with an exec said to have indicated that delays to the upgrades have been ‘ugly and embarrassing', with the decision to promote features before being ready making matters worse.

Analysts have also reacted to the downside, with Morgan Stanley reducing the Apple price target to $252 from $275, and Citi removing their ‘positive catalyst watch' on the stock during the week. The downward revision is primarily due to concerns over weaker iPhone demand, mainly linked to delays in advanced Siri upgrades.

Despite the lowered price target, Erik Woodring, the Morgan Stanley analyst responsible for the report, has maintained an Overweight rating on Apple stock. The delay in Siri's AI upgrades, announced by Apple on March 7, could potentially extend until 2026, contributing to a 9.24% decline in Apple's stock over the past five days. This development is seen as a significant concern for those considering upgrading their iPhones.

Morgan Stanley also highlighted the potential impact of tariffs on Chinese goods on Apple's profitability. The lack of broad tariff exemptions means these costs could adversely affect the bottom line. Concurrently, the bank has revised downward its Apple iPhone sales forecasts for 2025 and 2026 by 1% and 5%, respectively. Sales are expected to be flat at 230 million units in 2025, with a 6% growth to 243 million units in 2026.

In light of these changes, the firm also reduced Apple's fiscal year 2026 revenue and earnings estimates by 5%-6%, forecasting revenue at $436 billion and earnings per share at $8.

The stock is looking set to start this week in negative territory, with the latest pre-market action taking place 0.44% down from Friday's close.