Apple (AAPL) iPhone Growth Decelerating, BofA/Merrill Lynch Cuts Stock to Neutral
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Rating Summary:
39 Buy, 25 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 14 | Down: 13 | New: 16
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BofA/Merrill Lynch downgraded Apple (NASDAQ: AAPL) from Buy to Neutral with a price target of $130.00 (from $142.00). Analyst Wamsi Mohan warned iPhone deceleration creates headwinds.
While Mohan continues to see long-term opportunity, near-term pressure on shares could be driven by revenue slowdown as iPhone growth decelerates, more difficult share gains in China, and stock price correlation to gross profit. He also sees diminishing magnitude of beats/high expectations, noted that iPhone 6S/6S+ are seen as an incremental upgrade but not compelling enough to drive share gain, and said capital returns are priced it.
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 $114.64 yesterday.
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