Tech
Keybanc downgrades Apple believing sales set to slow at tech giant
Shares of Apple are still up 33 per cent this year, though they have retreated more than 12 per cent from their July record high
Apple was downgraded at KeyBanc Capital Markets, which said shares of the iPhone maker are trading near all-time high valuation levels though its sales growth is likely to slow.
“US sales are likely to struggle” on a challenging upgrade cycle for the iPhone amid slower consumer spending, analyst Brandon Nispel wrote in a note, cutting his rating on Apple to sector weight from overweight.
In addition, “international growth expectations for re-acceleration may be aggressive,” he ...
