The firm also pointed to shares having a rich valuation.
KeyBanc Capital Markets cut its rating on Apple to sector weight from overweight late Tuesday, citing the shares' high valuation as well as an expectation for soft growth in the United States. "We see the stock trading at rich multiples and expect trends in key markets such as the U.S. to remain soft, which puts pressure on Int'l for growth," wrote analyst Brandon Nispel. He said the stock is trading "near [all-time high] multiples and a large premium to the Nasdaq vs.
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