Loop Capital downgrades Apple to Hold amid 13 million iPhone shipment cut

Loop Capital lowered its rating on AAPL from Buy to Hold and cut its price target from $370 to $330, and Seeking Alpha reported the shares slipping on the news. AAPL was trading more than 1% lower in premarket trading, per Stocktwits, a premarket move rather than a regular-session close. The stock is up over 26% year to date.

The change is a reversal of Loop's earlier view. It had believed memory and processor shortages delayed shipments that Apple would recover in 2027, but its latest supply-chain checks dropped that assumption, and it now estimates about 13 million iPhone shipments are cut from Apple's plans for the second half of 2026. Loop says the cuts may reflect weaker demand rather than supply limits, and that rising memory costs could squeeze profit.

The numbers: Loop forecasts 79 million iPhones in the December quarter, below initial estimates of 85 million (Gadget Review describes 85 million as the broader Street figure), and cut its December-quarter average selling price forecast from $1,239 to $1,123. For 2027 it now expects 260 million units, but lowered 2027 iPhone revenue from $315 billion to $285 billion. Its $330 target applies a 30x multiple to normalized EPS of $11.

There is counter-evidence. A staggered launch schedule, with iPhone 18, 18e and Air 2 arriving in spring 2027, could mean the shortfall is timing rather than demand, and Counterpoint puts Apple at 22% of global Q3 shipments, a record third quarter. Jefferies, however, cites component order cuts of 10-15%. Investors will watch Apple's fiscal fourth-quarter report on November 2 for confirmation either way.