Apple shares dip on rare Bank of America downgrade

Apple CEO Tim Cook speaks onstage during day 2 of Vox Media’s 2022 Code Conference in Beverly Hills, California.

Bank of America analysts lowered their rating on Apple's stock from buy to neutral on Thursday.

The analysts lowered their rating and cut their price target. They predicted that consumer demand would weaken over the next year.

The S&P 500 was down 2.5% on Thursday, but Apple was down more than that.

The report that Apple had told some suppliers to abandon plans to ramp up production for the new phone came on the heels of the downgrade. Pressure was put on Apple's stock by that.

The BofA rating was disagreed with by another firm. The rating on Apple was upgraded to buy from neutral and the price target was raised to $160 from $189. There was strong demand for the new Apple products in a survey.

There is a recent history of similar reports proving to be misleading when actuals come out, according to a letter written by the author.

Michael bloom was a contributor to the report.

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Apple shares fall as BofA lowers its rating.