Apple shares fell nearly 7% on Friday after the company's fourth-quarter outlook came in below analyst expectations, while GF Securities lowered its rating on the stock. Apple expects fourth-quarter revenue to increase 9% to 11% from a year earlier, compared with the 12.1% growth analysts had projected. The company also said currency movements could reduce quarterly revenue growth by about 250 basis points and that supply limitations, particularly for memory components, would create greater pressure during the period. GF Securities analyst Jeff Pu cut Apple to Hold, citing valuation and potential demand risks from higher memory costs, and set a $369 price target. Apple shares were down about 9% at $302.47 in morning trading Friday.
Apple Inc.Weak Q4 guidance and analyst downgrade
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GF Securities Co LtdGF Securities downgraded Apple, but its own stock impact not discussed