智通财经APP获悉，Loop Capital 以 iPhone 出货量遭削减为由，将苹果(AAPL.US)评级从“买入”下调至“持有”。“要点在于：苹果此前把 9 月季度与 12 月季度的 iPhone 出货量削减了 10%，我们当时认为，由于这些削减是供应端原因(内存与处理器)而非需求端原因，他们有能力在 2027 自然年之前补回其中许多(即便不是大部分)被削减的量，”Loop Capital 分析师 Ananda Baruah 在给客户的报告中写道，“但现在看来情况已不再如此。此外，虽然这不是我们今天观点的主要内容，但我们承认，随着内存成本持续上升，毛利率存在下行风险。”
他继续写道：“我们仍然看好苹果长期的份额增长与服务业务故事……但认为在近期股价上涨之后，这只股票也需要一次基本面催化剂的重置……尤其是考虑到，在 iPhone 出货量已被削减、毛利率可能面临额外压力的情况下，它的估值正处于五年高位。”
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