UPDATE: BGC Financial Downgrades Apple to Hold, $450 PT

BGC Financial has published a research report on Apple AAPL and has downgraded the company from Buy to Hold. In the report, BGC Financial writes, "We no longer suggest being overweight shares of AAPL and see that near-term downside risk overweighs upside reward. Shares have gained 14% since October 7, and increased 31% year-to-date. With the largest market capitalization for a U.S based company at $391 billion, any hiccup in its growth is likely to provide an opportunity to add to positions at a better price. The company has to constantly set records just to meet expectations. There is nothing wrong with Apple's business model or execution, but we do see that sentiment is overwhelmingly positive and shares are within 7% of our $450 price target." BGC Partners maintains its $450 price target on Apple, which closed Friday at 422.00.