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2026-07-15 02:34:12
Apple stock has received a rare bearish rating, with KeyBanc Capital Markets downgrading it to underweight, citing concerns about demand and valuation levels. Previously, Brandon Nispel's rating on Apple stock was equivalent to "hold," noting that the valuation gap between the stock and the broader market "lacked reasonable support." Currently, Apple's forward P/E ratio is above 33, significantly exceeding its 10-year average of 23 and also higher than the Nasdaq 100's forward P/E ratio of 22.8. In a report released on July 13, Nispel stated: "We have observed that US carriers are reducing device subsidies, and the pace of phone upgrades is slowing. This means that Apple's growth pressure may shift more towards international markets. In the current environment of rising overall prices, achieving growth in international markets will face greater obstacles. We believe that the current market expectation of 8% iPhone sales growth by 2027 is too optimistic."
