Your Apple stock? Take the slow demand for the iPhone seriously, analysts say.

If you own Apple Stock (AAPL), reports of slower demand for the latest suite of iPhones should be “taken seriously,” says a longtime tech analyst.

“Reports suggest people are delaying purchases because they don’t think they can get an iPhone,” said Tom Fort, DA Davidson analyst at Yahoo Finance Live.

Apple stock fell more than 3% on Thursday in a Bloomberg report that said the tech company was signaling to suppliers that it was ordering fewer units than planned due to a drop in consumer demand. Can give The company reportedly cut iPhone orders from its first target of 90 million to 80 million for the first year in a row.

Investors believed that the cuts were due to supply chain disruptions that hit corporate America, rather than reducing consumer interest in the new crop of iPhones. However, a Bloomberg report has raised fresh suspicions about the article.

Apple’s stock was one of the most popular names on the market, with the broader market in the midst of COVID-19 fluctuations because traders saw the name as a safe haven. Shares rose an impressive 12% from November 11 to November 30, according to Yahoo Finance Plus. The Nasdaq declined 1% during the same period.

Fort also added a portion of the near-term uptrend to Apple’s stock, which reflects optimism about the introduction of the Apple Car. But now the concern over the iPhone 13 is more important.

Fort added: “I’m a little worried about how strong the commentary has been on Apple’s stock. I’m wondering if there’s an embedded call option. [on the Apple car]. I think that may be part of what is happening, but I think the stock has been amazingly strong. “

Fort buys Apple stock with a target price of $ 170.

Brian Suzy Is a great editor and Anchor in Yahoo Finance. Follow Susie on Twitter BrianSozzi And on LinkedIn.

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