Apple Inc (AAPL)

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Apple Slips After HSBC Downgrades Again
By: TheStreet | April 10, 2019

Apple shares fall after HSBC issues another downgrade on the company's stock, this time to reduce from hold.

Shares of Apple (AAPL - Get Report) declined in premarket trading on Wednesday after the computer and iPhone maker received another downgrade from analysts at HSBC, who remain skeptical about the company's prospects on the hardware side of its business and see it taking more time for it to transition to the services side.

In a research note to clients, HSBC said Wednesday that it has downgraded Apple to reduce from hold, noting that the company's focus on shifting more to services such as Apple Card and streaming content will take additional time to yield results. A reduce rating is the equivalent of a sell. The firm has a $180 price target on the stock.

It's the second time in four months that HSBC has cut its forecast for Apple: In early December, the bank downgraded Apple to hold from buy on concerns over slowing iPhone growth - specifically its dependence on a single product and slowing sales in emerging markets.

Apple shares were down a little less than 1%, or $1.73, at $199.50 in premarket trading.

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