1 Analysts Think Apple Shares Will Fall to $162; Should They Sell?

Over the years.Apple Inc. (NASDAQ resonance code: AAPL)The stock has always been a favorite of both individual and institutional investors. Analysts have also been bullish on the tech giant's stock for much of the recent past.

However, there are some who go against the grain of tradition, and one of them, a Cumbria analyst, has just reiterated his bearish view on Apple stock in a new research report. Could he be right?

Bears in a Bull Market

The rare Apple bear is Thiago Kapulskis of Brazilian financial services firm Itau-BBA, and on Monday, Kapulskis released his latest take on Apple, which he continues to rate as an "Outperform" (i.e., Sell) with a price target of $162 per share. This means that over the next 12 months, Apple's stock price will fall 4.3% from its previous price.

The analyst's new comments come a day after tech industry research firm IDC released its latest smartphone data, which was unfavorable to Apple as it found that shipments of Apple's iconic iPhone fell by about 10% year-over-year in the first quarter. The report was unfavorable for Apple, as IDC found that shipments of its iconic iPhone fell by about 10% in the first quarter from a year earlier, and to make matters worse, Apple lost its spot as the world's No. 1 smartphone provider, slipping to No. 2 behind its longtime rival in the space.the belt of OrionThe

This suggests that Apple's momentum remains weak," Kapulskis wrote in the note.

Not just for cell phone manufacturers

However, in the same note, analysts at Itau-BBA noted that IDC's data suggests that it's more important for Apple to develop and sell iPhones loaded with some useful artificial intelligence (AI) features.

If there's any company that has the ability to utilize AI effectively in its devices, it's Apple. Even though Apple continues to lag behind in the mobile space, it's important to remember that it's not just the iPhone - its service revenue has been growing, sometimes impressively, and it's doing well in other product areas as well. I've been a shareholder for a while now, and I'm not discouraged by the decline in smartphone sales. I'm still bullish on Apple.

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Eric Volkman owns shares of Apple.The Motley Fool owns shares of recommended Apple.The Motley Fool has a disclosure policy.

1 Analysts Think Apple Shares Will Fall to $162 - Sell? This post was originally published by The Motley Fool.