Image result for apple stock get downgraded Rosenblatt Securities

Analyst Jun Zhang of Rosenblatt Securities issued a “Sell” downgrade on shares of Apple Inc. Monday citing unspecified predictions of slowing iPad and iPhone sales, as well as slowing growth of Apple’s newest shiny, Services. The firm previously had a “Neutral” rating on $AAPL, and it maintained its US$150 price target for the stock.“We believe Apple will face fundamental deterioration over the next 6 to 12 months,” the firm said, according to CNBC. Adding to our ‘Sell’ thesis, we believe new iPhone sales will be disappointing, iPad sales growth will slow in the second half of 2019, other product sales growth, such as the HomePod, AirPod, and iWatch, may not be meaningful to support total revenue growth.”

This level of analysis is to me the flip side of Apple fanboy ebullience. It’s faith-based commentary with little reason or evidence to back it. Mr. Zhang presents his thesis of slowing sales of this and that as a given, but it’s hardly that. There are plenty of reasons to take a healthy, skeptical look at Apple’s stock and business, but remember that Rosenblatt Securities has been Neutral on Apple while the company’s stock has been on the rise.

Apple will report June quarter earnings on July 30th. Shares of $AAPL did take a hit today, though, ending the day at $200.02 per share, down $4.21 (-2.06%), on moderate volume of 25.3 million shares trading hands.

source: bloomberg