UPDATE: Credit Suisse Downgrades Apple to Neutral, Reiterates $525 PT Following iPhone FS/5C Announcement

In a report published Thursday, Credit Suisse analyst Kulbinder Garcha downgraded the rating on

from Outperform to Neutral, but reiterated the $525.00 price target. In the report, Credit Suisse noted, “Downgrading to Neutral. As expected, Apple yesterday announced the iPhone 5s and iPhone 5c which both feature the newly redesigned iOS 7. In aggregate, we remain disappointed with Apple's decision to remain a premium priced smartphone vendor, and this continues to competitively expose the company and limits its TAM and growth.” Apple closed on Wednesday at $467.83.