Tim Cook at the Apple launch event in Cupertino Calif. on Sept. 10th, 2019.
Here are the biggest calls on Wall Street on Thursday:
Maxim downgraded Apple to ‘sell’ from ‘hold’
Maxim downgraded the stock and said iPhone sales would be lower than expected in 2020.
“We are downgrading shares of AAPL to Sell, from Hold, and establishing a price target of $190, representing 28% downside, based on a sum-of-the-parts analysis. On pages 2-5, we present our most recent proprietary survey data, based on which we expect FY20E (Sept) iPhone units to decline 3% y/y. Combined with widely expected ASP pressure, we estimate FY20E iPhone revenue to decline 5% y/y.”
Read more about this call here.
HSBC downgraded AT&T, Verizon, and T-Mobile to ‘hold’ from ‘buy’
HSBC downgraded the telecom stocks due to pricing & product changes from AT&T and “shifts” in the content generation/distribution areas.
“Time to be more choosy: After our review encompassing strategic, financial and valuation metrics, we downgrade AT&T, Altice USA, Verizon and TMUS to Hold from Buy. We retain our only Buy on Comcast. We retain our Hold on Charter, seeing the potential for a stock buyback as a key support. Sprint and DISH remain our least preferred stocks with Reduce ratings. We also update our fair value target prices.”