The Globe and Mail reports in its Friday edition that Apple shares fell further on Thursday, losing about $176-billion since the start of the year, after Piper Sandler became the second brokerage this week to downgrade the stock on worries of tepid demand for its products, including the iPhone (all figures U.S.). A Reuters dispatch to The Globe says that the company's shares dropped to an eight-week low of $181.20 on Thursday, before closing at $181.91 for the day. "We are concerned about handset inventories entering into 1H24 and also feel that growth rates have peaked for unit sales. Deteriorating macro environment in China could also weigh on handset business," Piper Sandler analyst Harsh Kumar said in a note. The brokerage downgraded the rating on Apple's stock to "neutral" from "overweight" and cut its price target by $15 to $205. Apple has been grappling with a demand slowdown since early last year. The company has been dealing with weak demand in China because of strained consumer spending in the country, as well as the revival of local rival Huawei. Apple could also face headwinds because of a continuing patent dispute involving its new Apple Watches and a strong U.S. dollar, according to Mr. Kumar.