Raymond James resumed coverage of Apple, downgrading the stock to "Market Perform" from its previous "Outperform" rating. The firm did not issue a specific price target.
RJ cited Apple's high valuation as the primary factor. The firm suggests the current price already reflects strong fundamentals and upcoming product cycles, limiting near-term growth potential.
Analyst Melissa Fairbanks noted that while Apple boasts leadership in hardware and a sticky ecosystem, investors already understand this value. Raymond James projects an 8% revenue increase for Apple in fiscal 2026.
Despite the downgrade, Apple shares saw a 0.5% increase in pre-market trading on Friday.