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Apple suffered a rare rating downgrade Analysts said the iPhone cycle is drawing to a close

As the world's largest company in terms of market capitalization, Apple has always been the key target of various investment banks and agencies. It is very rare that the given ratings are usually held or bought. A research note caught everyone's attention on Tuesday, as Nomura Instinet downgraded Apple's stock to "Neutral" from "Buy" due to the drawing-back of the iPhone cycle, which is driving up Apple's stock price. STP36NF06FP

In an investor report, Jeffrey Kvaal, an investment bank analyst, wrote: "We think the iPhone X super-cycle has been yielding back to the stock, and if the average price does not go up but only the volume increases, It is already a market consensus. "

After the report was released, Apple shares fell 1.1% after opening on Tuesday.

As one of the best-performing large-cap stocks this year, Apple ended the week with a 52% gain, while the Standard & Poor's 500 index rose just 20%.

Ke Waer pointed out that the current price-earnings ratio of Apple is 15 times. In the iPhone 6 cycle, Apple's price-earnings ratio from 15 times down to 9 times, and then forward the iPhone 5 cycle, Apple's earnings experienced from 13 times down to 8 times the process, so the company target price range cut to 175- 185 dollars. "" XC7Z010-1CLG400C

As one of the hottest stocks in the US stock market, seldom seen the report on the downgrade of Apple. On a published on June 11 this year, Nomura Securities announced a downgrade Apple rating, Apple since then rose 18%. Of the 38 analysts tracking Apple data provided by FactSet, 31 were rated Buy, the rest given a Hold rating, and no one is advised to sell.

Apple has not commented on the research report.