UPDATE: Credit Agricole Downgrades Apple (AAPL) to Outperform, Sees Weakness in iPhone Sales

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(Updated - March 11, 2013 8:53 AM EDT)

Credit Agricole downgraded Apple (Nasdaq: AAPL) from Buy to Outperform with a price target of $505 from $575. Analyst Avi Silver said he was expects weak iPhone trends in the June quarter. The weakness is tied to increased competition ahead of the iPhone 5s launch. Silver also said he wasn't expecting iPhones with large screen this year, although they are "much needed".

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $431.72 yesterday, with a 52 week range of $419.00-$705.07.

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