Apple is Out of Surprises, Says Analyst; Deutsche Bank Downgrades to Hold (AAPL)

(Updated - October 2, 2014 4:28 PM EDT)

Deutsche Bank downgraded Apple (NASDAQ: AAPL) from Buy to Hold with a price target of $102 (from $105). Analyst Sherri Scribner doesn't think the company has many surprises left, and as a result she thinks the stock will trade range bound.

"Apple's shares are up 25% year-to-date and near all-time highs, driven by positive expectations for iPhone and Sept's new product announcements. We believe investor expectations for iPhone sales are currently high, making it more difficult for Apple to outperform expectations. In addition, the company has now announced all of its anticipated new products, creating limited catalysts for the shares through year-end. With expectations already reflecting strong iPhone sales and limited catalysts this year, we expect shares to be range bound and are downgrading Apple to a Hold," said Scribner.

"At its September 9 event, Apple introduced all of the new products and features which had been rumored for a C2H-14 introduction, including new larger screen iPhones, Apple Pay and Apple Watch. Through year-end, we may get a modest refresh to the iPad or to Macs, but we do not expect another significant product introduction on par with the September event to happen this year. While we believe Apple Watch has the potential to be a significant product, the product will not be available until 2015. Given the lack of major new products, we see limited catalysts to the shares through year-end," she added.

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 $99.18 yesterday.

You May Also Be Interested In

• Canaccord Genuity Downgrades Antofagasta Plc. (ANTO:LN) (ANFGF) to Hold
• WPP Plc (WPP:LN) (WPP) PT Raised to GBP9 at JPMorgan
• JPMorgan Upgrades STO Express Co Ltd (002468:CH) to Neutral