Goldman predicts 36% drop in iPhone shipment, says time to sell Apple shares

Goldman Sachs said on Friday it expects iPhone shipment to drop 36% during the current quarter due to coronavirus-related lockdowns around the world and downgraded Apple Inc stock to “sell”.

Apple shares fell 1.6% to $282.13 on Friday morning, bucking a 1.5% rise for the benchmark S&P 500.

The Goldman analysts also lowered their price target for the stock by 7% to $233 in its report forecasting the drop in iPhone demand for the quarter ending in June, Apple’s fiscal third quarter.