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.