Reuters Apple on Tuesday fell nearly 3.6 to a sevenweek low after Barclays downgraded the shares of the world39;s most valuable company on concerns that demand for its devices from the iPhone to the Mac will remain weak in 2024.

Barclays is the second brokerage to have the equivalent of a sell rating on the stock, which now has its most number of bearish recommendations in at least two years, according to LSEG data.

The stock accounts for a hefty 7 of the SP 50039;s market weight the broader index was dragged 0.56 lower on Tuesday. Apple rose nearly 50 in 2023, hitting a record high in midDecember in a year when Big Tech led the markets.

Apple has been grappling with a demand slowdown since early last year and has forecast holidayquarter sales below Wall Street estimates. Its performance in China has also been a worry after the revival of local rival Huawei.

The iPhone 15 has been lackluster and we believe iPhone 16 should be the same, Barclays analyst Tim Long said in a client note, pointing to the China weakness as well as subdued demand in developed markets.

Long is rated four out of five stars for his recommendation accuracy on Apple, according to LSEG data.

The brokerage also warned risks were mounting for Apple39;s services business, which has come under the scanner in countries including the United States over app store practices.

The business has often outpaced growth in Apple39;s hardware segment in recent years and now accounts for nearly a quarter of…