Apple cut to Neutral at UBS on softer iPhone and services growth in H2
Justin Sullivan

Apple (NASDAQ:AAPL) was downgraded to Neutral from Buy at UBS due to softer iPhone and Services Growth, lower demand trends and a 50% premium to the market, thus an unfavorable risk/reward.
UBS analysts said they downgraded Apple shares due to persistent softness in developed markets and data which suggests that growth may remain under pressure. In H2, the analysts expect iPhone unit growth will be down at least 1%-2% with procurement down 8%, while Mac revenue to be down 3%-5%.

The firm, however, moved its price target on the shares to $190. The analysts noted that if Apple shares were to trade at its $190 price target, total shareholder return less than 5% is insufficient in their view to maintain a Buy rating due to the softer fundamentals.
AAPL -0.69% to $182.53 premarket June 13

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