UPDATE: BTIG Downgrades Apple to Neutral

BTIG has published a research report on Apple

and has downgraded the company from Buy to Neutral after the share value surpassed the set $600 price target. In the report, BTIG writes, "Our downgrade is based on our belief that investors should pause to consider: the changing dynamics in the post-paid wireless industry, which has seen margins squeezed by the frequent upgrade activity of iPhone customers, the sustainability of a $600 iPhone and possible need for a price cut, and the elevated expectation that the company will deliver another revolutionary product into the market." BTIG has removed its $600 price target on Apple, which closed Friday at $633.68.