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Why Apple Stock Dropped on Jan. 3, 2023

TheMotleyFool

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Apple (NASDAQ: AAPL) stock tumbled 4% through 2 p.m. ET on Tuesday, knocking the tech titan below $2 trillion in market capitalization for the first time since 2021, and putting Apple stock a full one-third below the $3 trillion market cap it hit a year ago.

And yes, you can blame investment bank BNP Paribas Exane for that -- but only in part.

As its first stock action of the new year, BNP downgraded Apple stock from outperform to neutral this morning, and slashed its price target on the tech giant by 22%, to just $140 a share.

Source Fool.com

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