BUZZ-Apple falls after Jefferies cuts to 'underperform' on weak iPhone sales
** Apple AAPL.O falls 1.20% to $227.20 premarket
** Jefferies cuts to "underperform" from "hold"; slashes PT to $200.75 from $211.84
** Brokerage one of four with a "sell" equivalent among 47 analysts covering stock - LSEG
** Smartphone shipments for AAPL and Samsung 005930.KS declined globally in December quarter due to intense competition from Chinese companies like Xiaomi - International Data Corporation (IDC)
** Jefferies, citing IDC data, says sales weakness in iPhone and consumer electronics market looks worse than expected
** Sees AAPL missing its 5% rev growth target for Q1 FY25; expects co to forecast low single-digit Q2 rev growth
** Says, "AI would be unlikely to kickstart a super upgrade cycle anytime soon"
** Stock down ~8.2% this year, as of last close
(Reporting by Akriti Shah in Bengaluru)
((akriti.shah@thomsonreuters.com))
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