Redburn Atlantic downgraded Apple (AAPL) to Neutral from Buy with an unchanged price target of $200. While the firm expects the iPhone to return to growth in 2024, it sees little room for upside over the next few years, and says an “anticipated underwhelming” March quarter could impact confidence in this outlook. At the same time, there appears to be rising regulatory risk that may impact Apple’s ability to monetize its ecosystem, the analyst tells investors in a research note. Meanwhile, with the stock’s price-to-earnings multiple eclipsing Nike’s (NKE) for the first time for an extended period, Redburn believes Apple’s valuation “now appears full.”
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