KeyBanc Downgrades Apple to Underweight, Sets $250 Target Price on 21% Downside on July 14

According to Barron's, KeyBanc downgraded Apple (AAPL-US) stock on July 14, cutting its rating from Sector Weight (Hold) to Underweight and setting a $250 price target, implying a potential 21% decline from Monday's closing price of $314.86.

Analyst Brandon Nispel cited three main concerns: weak iPhone sales, underperformance in Mac and iPad, and slowing hardware demand potentially pressuring services revenue from iCloud and Apple Music. Nispel warned that as Apple's growth momentum weakens following 2025 gains, these factors could soon make the stock appear overvalued. Apple's 2026 estimated P/E ratio stands at 36x, above both its five-year average and the S&P 500 level.