Apple Slides on Soft Outlook, Sparks Analyst Downgrade

Apple’s fourth‑quarter guidance came in below expectations, guiding 9%–11% revenue growth (versus ~12% expected) with iPhone revenue seen in the mid‑teens and Services growth flat after FX. The company warned currency movements could shave about 250 basis points from quarterly revenue growth, and potential memory‑component supply constraints could worsen the period. GF Securities analyst Jeff Pu cut Apple to Hold, citing valuation and demand risks with a $369 price target, as the stock dropped roughly 9% in morning trading.