KeyBanc downgrades Apple to underweight, sets $250 target citing iPhone price hikes
2026-07-14 11:01:59
According to CNBC, KeyBanc downgraded Apple to underweight from sector weight and set a $250 price target, implying about 21% downside from Monday’s close, as it expects higher device prices to weigh on upgrades and growth. Analyst John Vinh said the firm sees slowing iPhone builds tied to price increases, weaker U.S. upgrades and shifting subsidy models, and said expectations for 2027 likely need to come down for Mac, iPad and Wearables; he also said slower unit growth could pressure Services as user-base growth cools. The note said Apple trades at about 35 times forward earnings versus the S&P 500’s 20.7 multiple, and noted the stock is up nearly 17% year to date in 2026 and hit an all-time high of $323.45 on Monday. KeyBanc estimated Services revenue growth slows to 7% by the end of 2027 versus a 12% consensus, and said only two of 48 analysts rate the stock underperform, citing LSEG data.
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