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Apple downgraded by Rosenblatt


Rosenblatt Securities downgraded the stock amid concern for weakening iPhone demand and slower service revenue growth over the second half of the year.

Rosenblatt Securities downgraded the iPhone maker from to "sell" from "neutral", shares dip 2%

Stocks impacted: Apple Inc (AAPL)

By the way, the firm maintained its $150 per share price target, citing what it sees as a "fundamental deterioration over the next 6 to 12 months" for the iPhone maker. Apple reports third quarter earnings on July 30. Analysts also said that Appleā€™s business is approaching a slowdown period that could cause its fundamentals to deteriorate over the next two to four quarters. As a reminder, in the six months that ended in March, Apple reported a 4.8% YoY fall in its total sales. This fall included a 15.8% fall in its iPhone sales. Stocks were up 29% year-to-date through last week. After the downgrade by Rosenblatt Securities, shares fell over 2% on Monday.

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