Apple Slashed to Sector Weight Rating at KeyBanc
<p><a href='https://financialmodelingprep.com/financial-summary/AAPL'>Apple (NASDAQ:AAPL)</a> was downgraded by KeyBanc, which shifted its rating from Overweight to Sector Weight. The reasons behind this decision include Apple's elevated valuation when compared to historical levels and the Nasdaq index, potential hurdles in U.S. sales, optimistic expectations for international growth, and the belief that the company's estimates are already fully priced in from both a revenue and earnings perspective.</p>
<p>KeyBanc emphasized that to justify a positive outlook for Apple shares, either peak valuations must be sustained or the company's growth trajectory must significantly improve. Furthermore, they anticipate sluggish growth in key markets, particularly in the U.S., which contributes approximately 37% of Apple's total revenue. KeyBanc predicts a fourth consecutive year-over-year decline in Q4/23, potentially extending into Q1/24.</p>

NASDAQ:AAPL