Societe Generale Downgrades Apple (AAPL) to Hold on Currency Headwinds, Difficult Comps

(Updated - April 8, 2015 8:16 AM EDT)

Societe Generale downgraded Apple (NASDAQ: AAPL) from Buy to Hold with a price target of $130 (unchanged). Analyst Andy Perkins thinks currency headwinds, high expectations, and tough comps could lead to trouble in the second half of the year.

Perkins thinks the number of iPhone 6 and 6 Plus models declined as a percentage of total units sold in the March quarter. His work also suggested handset sales by country implies a 5% currency headwind, leading to March quarter ASP of $651 from $687 in December. Currency headwinds in Europe and Japan might also adversely impact on sales. Societe Generale is also concerned Apple will struggle to reproduce success of the iPhone 6 when it upgrades is portfolio in September.

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 $126.01 yesterday.

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