Redburn-Atlantic Downgrades Apple (AAPL) to Neutral, 'valuation now appears full'
Redburn-Atlantic analyst James Cordwell downgraded Apple (NASDAQ: AAPL) from Buy to Neutral with a price target of $200.00.
The analyst comments "We are downgrading Apple to Neutral while retaining our $200 YE24 price target. While we expect the iPhone to return to growth in CY24, we see little room for upside over the next few years, and an anticipated underwhelming March quarter could impact confidence in this outlook. At the same time, there appears to be rising regulatory risk that may impact Apple’s ability to monetise its ecosystem. Meanwhile, with the stock’s P/E eclipsing Nike’s for the first time for an extended period, valuation now appears full."
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Shares of Apple closed at $185.14 yesterday.