Apple shares may have more downside potential before an upward trend, according to Morgan Stanley.
Magnificent Seven member Apple has seen its stock come under pressure in recent weeks. As Wall Street tries to predict the trough, Morgan Stanley thinks there may be more room to go lower before the stock reaches its lowest point. Apple shares are down 14% after peaking in mid-July. The stock began declining sharply after the company's fiscal third-quarter earnings release , in which it forecast a fall in revenue in the September quarter.
mountain AAPL in 2023 — CNBC's Michael Bloom contributed to this report.
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