Apple Inc. (AAPL) shares fell as much as 3% in Tuesday pre-market trading. KeyBanc analyst Brandon Nispel downgraded the stock to Underweight from Sector Weight. Nispel set a new price target of $250 for the technology giant. The decline follows Apple shares reaching an all-time high on Monday.
KeyBanc cited a slowing growth outlook for the iPhone, Mac, iPad, and wearables. The analyst expects the Services division to slow as user base expansion moderates.
The downgrade contrasts with Citi’s recent price target increase and optimism regarding Apple’s AI strategy. Industry reports currently indicate a decline in global smartphone shipments. KeyBanc's move highlights concerns over Apple's premium valuation amid these market headwinds.