Shares of Apple (NASDAQ: AAPL) declined by 4.2% on Wednesday, following an analyst downgrade.
UBS analyst David Vogt took over coverage of Apple and lowered the investment bank's rating on its stock from buy to neutral. Vogt expects the tech titan's product-based revenue growth to slow once coronavirus-related demand for Macs and iPads subsides and the upcoming iPhone 12 refresh cycle ends. He also predicts that iPhone-driven service sales will "materially decelerate" in the coming years.
UBS analyst David Vogt is more bearish on Apple's stock than his predecessor. Image source: Getty Images.
Source Fool.com