BUZZ-Apple slides after Oppenheimer downgrades to 'Perform'

Apple AAPL.O shares down 1.8% premarket

Brokerage firm Oppenheimer downgrades AAPL to "Perform" from "Outperform"

Oppenheimer says it expects lower estimates for iPhone sales in the next 12-18 months

Local Android phone makers in China may limit the market share of Apple's iPhone; AAPL is struggling to show benefits of its software and services, especially in a market with limited opportunities to showcase how well it works with other Apple devices — Oppenheimer

Gradual rollout of Apple Intelligence, lack of GenAI "killer apps" for consumers, and rapid improvement of other GenAI models' capabilities also impeding iPhone sales — brokerage

Thirty-one of 48 brokerages rate the stock "buy" or higher, 13 "hold" and 4 "sell" or lower; their median PT is $250

Up to Tuesday's close, AAPL is down ~4.9% YTD after gaining ~30.1% in 2024