(Reuters) – Apple Inc’s market capitalization slipped below $2 trillion on the first trading of 2023 as its stock fell nearly 4% following a rating downgrade due to production disruption in China.
Apple was the first company to hit $3 trillion in market value on Jan. 3 last year.
Exane BNP Paribas analyst Jerome Ramel downgraded Apple to “neutral” from “outperform” with a price target cut to $140 from $180, according to a report by thefly.com.
The iPhone maker’s shares were down about 4% at $124.65.
(Reporting by Nivedita Balu in Bengaluru; Editing by Arun Koyyur)
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