UPDATE: BTIG Downgrades Apple to Neutral
BTIG has published a research report on Apple (NASDAQ: AAPL) 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.
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