Maxim starts Apple at Hold on ‘prolonged dead-money’ concerns

Maxim initiated coverage of Apple with a Hold rating and $178 price target. Apple is too dependent on China, from a sales and supply-chain standpoint, and it is overweight a single product, the iPhone, when it comes to its near-term operating results, the analyst tells investors in a research note. The firm feels antitrust and regulation, a demand imbalance for consumer electronics, and competition could lead to a “prolonged dead-money period for the stock.”