Loop Capital Downgrades Apple to Hold Over iPhone Sales

Loop Capital downgraded Apple Inc. from buy to hold on October 20, 2026, citing sluggish sales of the iPhone 18 Pro and Pro Max. The investment firm lowered its price target for Apple shares to $330 from $370, which represents a projected 4% downside.

Analyst Ananda Baruah noted that the stock's valuation has reached a five-year high of 36 times price-to-earnings. Baruah stated that previous reductions in iPhone shipments, which were once believed to be supply-related issues involving memory and processors, now appear to be driven by a lack of demand.

This downgrade contradicts the broader Wall Street consensus, as 25 of 43 analysts maintain a buy or strong buy rating. Apple shares declined approximately 1% following the announcement, though Baruah maintained a positive outlook on the company's long-term services and share gains.