SPX News by Newsroom on 10:11 January 24, 2017 EST
This is an excerpt of their reasons:
We are downgrading Apple to Equal Weight and lower our price target to $117 from $119. This call is not on the quarter. Despite easier comps approaching, we do not expect meaningful upside potential in the model and thereby consensus estimates for C2017, limiting the stock’s relative outperformance potential - hence, the downgrade. Apple has a sticky ecosystem and large cash balance, though, providing decent downside support for long-term investors.
Shares trade unaffected, sideways as per previous sessions, at 119.