For the second time this week, an analyst has turned a bearish rating on Apple Inc.'s stock.
New Street Research analyst Pierre Ferragu downgraded Apple
shares to sell from neutral on Friday, writes of his concerns about iPhone demand trends.
"The air pocket we expected for 2019 is now real, and numbers indicate that the iPhone hand is installed, is now expansion," says Ferragu.
He claimed that while analysts have reduced their expectations for Apple this year, consensus is still seeing Too optimistic about a third-quarter recovery ending June, based on his understanding of earlier iPhone cycles.
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"In the [fiscal-year 201
There has been optimism on Wall Street lately about Apple's service center, as the company is starting to give a little more disclosure about this faster-growing area of business and is preparing to launch a series of new subscription services later this year. Ferragu is less optimistic than any other analyst.
"Positive sense of service and potentially good numbers on that front could save the day, but not create a material upside risk on today's valuation," he wrote.
Earlier this week, HSBC downgraded Apple's stock to reduce wait. Shares are increasing by 0.1% in morning trading on Friday, and they have increased by 31% over the past three months.