KeyBanc Cuts Apple Rating on iPhone Price Hikes, Sets $250 Target (26% Downside) on July 28

According to Yahoo Finance, KeyBanc Capital Markets analyst Brandon Nispel downgraded Apple to underperform on July 28, setting a $250 price target implying 26% downside from current levels. Nispel cited slowing growth driven by iPhone price increases and elevated valuation concerns as reasons for the cut. Apple is trading at a forward 12-month price-to-earnings ratio of 31.6x, above its historical 10-year average of 24.8x. The analyst cautioned that as Apple raises iPhone prices to drive growth, unit sales growth will decelerate, ultimately pressuring services segment expansion.
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