Apple Stock Downgraded on Slowing U.S. iPhone Sales and Promotion Concerns

Apple stock received rare downgrade from KeyBanc over slowing U.S. sales and iPhone promotion concerns.

Analysts predict 4th straight year-over-year decline in U.S. revenue in FQ4 2023.

Downgrade comes after CEO Tim Cook debuted new iPhone 15 lineup in September.

Apple users complained about new iPhones overheating, company says no safety risk.

Despite downgrade, KeyBanc sees 3.5% revenue growth in 2024 though slower margin expansion.