Rosenblatt Securities downgraded Apple's stock (AAPL) to 'sell' from 'neutral' today, reports CNBC.
The firm doesn't believe that the stock is a short but thinks there is 'less reward' for owning it.
"We believe Apple will face fundamental deterioration over the next 6 to 12 months,” analyst Jun Zhang said. "Adding to our 'sell' thesis, we believe new iPhone sales will be disappointing, iPad sales growth will slow in the second half of 2019, other product sales growth, such as the HomePod, AirPod, and iWatch, may not be meaningful to support total revenue growth."
Shares of Apple are currently down 2.14% to $199.85. Rosenblatt is maintaining its 12 month $150 target.
Apple is set to report third quarter earnings on July 30th. You can follow iClarified on Twitter, Facebook, or RSS for updates.
The firm doesn't believe that the stock is a short but thinks there is 'less reward' for owning it.
"We believe Apple will face fundamental deterioration over the next 6 to 12 months,” analyst Jun Zhang said. "Adding to our 'sell' thesis, we believe new iPhone sales will be disappointing, iPad sales growth will slow in the second half of 2019, other product sales growth, such as the HomePod, AirPod, and iWatch, may not be meaningful to support total revenue growth."
Shares of Apple are currently down 2.14% to $199.85. Rosenblatt is maintaining its 12 month $150 target.
Apple is set to report third quarter earnings on July 30th. You can follow iClarified on Twitter, Facebook, or RSS for updates.