Maxim Group Downgrades Apple (AAPL) to Sell

Maxim Group analyst Nehal Chokshi downgraded Apple (NASDAQ: AAPL) from Hold to Sell with a price target of $190.00.

The analyst comments "We are downgrading shares of AAPL to Sell, from Hold, and establishing a price target of $190, representing 28% downside, based on a sum-of-the-parts analysis (see pages 11-14). On pages 2-5, we present our most recent proprietary survey data, based on which we expect FY20E (Sept) iPhone units to decline 3% y/y. Combined with widely expected ASP pressure, we estimate FY20E iPhone revenue (excluding impact of AAPL TV+ deferrals) to decline 5% y/y. Based on our analysis of previous iPhone revenue y/y growth trajectories, presented on pages 3-4, we expect y/y growth to peak in F1Q20E (Dec) and bottom in F2Q20E (Mar). As such, we are reducing our F2Q20E (Mar) iPhone revenue estimate to $27.0B (including our $0.3B expected impact of deferring revenue for Apple TV+, discussed on pages 6-8), 14% below the current consensus estimate of $31.5B."

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 $264.21 yesterday.

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