Apple shares dip on rare Bank of America downgrade

Shares of Apple were down 4.5% connected Thursday aft Bank of America analysts delivered the banal a uncommon downgrade.

The analysts lowered their standing from bargain to neutral, besides cutting its terms people from $185 to $160 per share. They said they anticipated "weaker user demand" implicit the adjacent twelvemonth and pointed to macroeconomic challenges.

The broader marketplace was besides antagonistic connected Thursday, but Apple's autumn was inactive greater than large indices similar the S&P 500, which was down 2.5% Thursday morning.

The downgrade came connected the heels of a Bloomberg study Wednesday that said Apple had told immoderate suppliers to abandon plans to ramp up accumulation for its caller iPhone 14 aft failing to spot arsenic precocious request arsenic anticipated. That besides enactment unit connected Apple's stock.

Another steadfast disagreed with the BofA standing connected Thursday, however. Rosenblatt Securities upgraded its standing connected Apple from neutral to bargain and raised its terms people from $189 to $160, implying a 25% rally from existent levels. It made the telephone aft its survey of implicit 1,000 U.S. adults showed beardown request for adjacent the pricier caller Apple products.

Rosenblatt formed uncertainty connected the accumulation report, penning that there's "a caller past of comparable reports proving to beryllium misleading erstwhile actuals travel out."

CNBC's Michael bloom contributed to this report.

Subscribe to CNBC connected YouTube.

WATCH: Apple shares determination little arsenic BofA downgrades stock