Apple has been downgraded by rare ratings Analysts have said that the iPhoneX is positive.

As the world's most valuable company, Apple has long been a major focus for investment banks and institutional analysts. Typically, its stock receives "buy" or "hold" ratings, with downgrades being extremely rare. However, a recent report from Nomura Instinet, a well-known Wall Street investment bank, caught widespread attention. The firm downgraded Apple’s stock rating from "buy" to "neutral," citing that the iPhone cycle—which had driven the company's stock price higher—was nearing its end.

In the report, analyst Jeffrey Kvaal stated, “We believe the benefits of the iPhone X super cycle have already been largely priced in. If the average selling price doesn’t increase but sales volumes do, this is already widely anticipated by the market.”

Following the release of the report, Apple’s shares dropped by 1.1% immediately after the market opened on Tuesday.

This year, Apple has been one of the strongest performers among large-cap stocks. As of Monday, the stock had gained 52%, outperforming the S&P 500 index, which rose just 20% during the same period.

Kvaal also noted that Apple’s current price-to-earnings ratio stands at 15 times. During the iPhone 6 cycle, the P/E ratio fell from 15 to 9 times, while during the iPhone 5 cycle, it dropped from 13 to 8 times. Based on this historical trend, the bank lowered its target price range for Apple to between $175 and $185.

Apple remains one of the most popular stocks in the U.S. market, and reports of rating downgrades are uncommon. The last time Nomura issued a rating on Apple was on June 11 this year, and since then, the stock has risen by 18%. Among the 38 analysts who cover Apple, 31 have given it a "buy" rating, while the remaining seven have given it a "hold." No analyst has recommended a "sell" rating.

Apple has not yet responded to the report, but the downgrade has sparked renewed debate about the company’s growth trajectory and whether the next phase of innovation will be enough to sustain investor confidence.

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