UPDATE: ABG Sundal Collier Upgrades Apple to Hold, Reiterates $400 PT on Price Correction

In a report published Friday, ABG Sundal Collier analyst Per Lindberg upgraded the rating on Apple

from Sell to Hold, and reiterated the $400.00 price target. In the report, Lindberg noted, “The central ingredients unveiled, directly and indirectly, in conjunction with the second quarter report should help to assuage previously far elevated earnings expectations as (i) revenue growth comes to an abrupt halt, (ii) margin erosion undermines EPS comparisons, (iii) inventories of iPhones and iPads build in the channel, (iv) operators openly rebel against anti-competitive business practices and (v) consumers request far greater affordability. These salient inferences - underpinning our negative stance in the recent past - persist. They are now more or less confirmed. They also appear to be more broadly understood. Alignment of the market's current ‘equilibrium' with our static TP (USD 400) in the last few weeks compels us to upgrade the share to HOLD (Sell).” Apple closed on Thursday at $408.38.