The stock is up 37 cents at $172.77.
From The Street, October 4:
Apple stock slips after rare KeyBanc downgrade on iPhone sales concern
KeyBanc, in a rare downgrade for the world's biggest tech company, said
iPhone sales could be pressured over the final months of the year.
Updated at 9:41 am EDT
Apple (AAPL) - Get Free Report shares edged lower in early Wednesday trading after analysts at KeyBanc Capital Markets lowered their rating on the tech giant citing softer near-term iPhone sales and a muted upgrade cycle.
KeyBanc analyst Brandon Nispel cut his rating on Apple by one notch, to 'sector weight' from 'overweight' in a note published late Tuesday that cited the stock's recent premium to the Nasdaq benchmark and its near-peak valuations.
He also suggested that Apple's new iPhone 15, which it launched last month, could struggle to gain new customers as wireless carriers provide upgrade incentives that are only similar to those offered last year....
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