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HSBC Downgrades Apple Stock on iPhone Fears

HSBC Downgrades Apple Stock on iPhone Fears

On December 4, investment bank HSBC downgraded Apple (AAPL) stock from “buy” to “hold” and reduced the company’s 12-month price target from $205 to $200. HSBC analyst Erwan Rambourg stated that Apple’s hardware growth is “broadly over for now.” There have been concerns over Apple’s iPhone growth slowing despite the company holding its own in a falling global smartphone market.