(Updated - December 4, 2018 5:58 AM EST)

(updated to add price target and analyst comment)

HSBC analyst Erwan Rambourg downgraded Apple (NASDAQ: AAPL) from Buy to Hold, price target $200.00 (from $205.00)

The analyst comments "As Apple moves from very high double-digit revenue growth to a more pedestrian mid single-digit (both top and bottom line), the slowdown in the second derivative of growth will weigh on the stock’s investment case. While we understand the company’s interest of not disclosing unit sales of hardware and focusing more on service gross margin, investor enthusiasm could be the victim of a lengthy transition phase as the focus shifts."

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 $184.82 yesterday.