Pacific Crest Downgrades Apples, Sees $145 Fair Value; Warns Of iPhone Sales Decline in 2019
In a rare negative move on Apple, Pacific Crest downgraded the tech giant from Overweight to Sector Weight. As StreetInsider notes, analyst Andy Hargreaves says the upside from the iPhone 8 appears to be priced in to the stock. He tells clients in a Monday research note that the risks to Apple might not be priced in, referring to the risk that iPhone sales could potentially decline in FY 2019.