Apple downgraded to rare sell rating by Maxim on concern about iPhone sales next year

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Apple CEO Tim Cook delivers the keynote address during a special event on September 10, 2019 in the Steve Jobs Theater on Apple’s Cupertino, California campus.

Justin Sullivan | Getty Images

Apple shares got a rare sell rating on Thursday after Maxim group downgraded the stock on concerns about lower iPhone sales next year, citing proprietary survey data.

Maxim downgraded Apple to sell from hold and set a 12-month price target of $190, a 28% downside for the stock. Apple shares hit a record on Wednesday of $264.78 and are up 67% this year.

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