Apple Downgraded by Analyst on Slowing iPhone Sales and Lack of Growth Catalysts

Apple stock downgraded by KeyBanc analyst due to slowing iPhone sales and lack of catalysts.

Lower upgrade rates as consumers hold onto phones longer. iPhone 15 seeing less carrier promotion.

Revenue growth expected to be muted across all segments. Margins seen improving slower.

Valuation stretched vs Nasdaq based on historical metrics. Needs sales reacceleration.

Lacks near-term catalysts to drive stock higher. Price target cut to $182 from $197.