Apple downgraded to Neutral from Accumulate at Phillip Securities

Phillip Securities analyst Jonathan Woo downgraded Apple to Neutral from Accumulate with an unchanged price target of $194. The analyst cites valuation for the downgrade following the stock’s recent gains. The firm expects Services to continue being Apple’s main growth driver as its installed base increases. This will also be a tailwind for margins as the Services margin is double that of Products, the analyst tells investors in a research note.