Financial firm Phillip Capital downgraded Apple from neutral to reduce while maintaining its $290 price target, implying a 4.4% potential decline. Analyst Helena Wang highlights that rising memory chip prices, with the DRAM market dominated by only three suppliers, represent a major margin headwind. Apple has already raised prices on its iPad and Mac lineup, and some analysts anticipate a similar increase for iPhones. The stock dropped nearly 10% after quarterly results despite beating earnings and revenue estimates. Wall Street consensus remains optimistic with 32 analysts recommending buy versus only 3 recommending underperform.
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