Loop Capital Cuts Apple to Hold on Weaker 2027 iPhone Shipment View

Loop Capital cut its Apple rating to hold from buy and lowered its price target as it scaled back expectations for making up iPhone units cut from shipment plans in 2027.

The new target is $330, down from $370. Apple had reduced planned iPhone shipments for the September and December quarters by 10%. Loop initially viewed the cuts as a result of memory and processor supply constraints and expected Apple to make up many of those units during 2027.

The firm no longer expects Apple to recover many of the cut units. It expects iPhone revenue to fall short of expectations and has described sales of the iPhone 18 Pro and Pro Max as sluggish.

Apple shares slipped about 1% after the rating change. As of Oct. 20, the stock was up 26% year to date. Loop put Apple’s price-to-earnings ratio at 36, its highest level in five years.

The move follows KeyBanc’s earlier downgrade of Cirrus Logic over Apple’s iPhone outlook. KeyBanc viewed cuts to Apple’s planned units as pointing to a likely decline in iPhone sales volume in 2027.