UPDATE: Mizuho Securities Downgrades Apple On Well-Balanced Risk-Reward

In a report published Thursday, Mizuho Securities analyst Abhey Lamba downgraded the rating on

from Buy to Neutral, but reiterated the $115.00 price target. In the report, Mizuho Securities noted, “We are downgrading Apple to Neutral from Buy as we think risk-reward is well-balanced at the current level. While F1Q15 results will likely be extremely solid and March guidance could indicate continued momentum, we believe iPhone sales will decelerate more than normal later in the year. Additionally, our checks indicate that Apple Watch sales could be disappointing and other categories are unlikely to offset the slowdown in iPhone sales creating pressure on out-year estimates. With the upside to the stock around $130-140 and downside in the mid-$80s, we think risk-reward is well-balanced.” Apple closed on Wednesday at $109.80.