Oppenheimer analyst Martin Yang downgraded Apple (AAPL) to Perform from Outperform with no price target as the firm lowered its FY26 EPS estimate by 4% to $7.95, which is below consensus at $8.23, based on reduced iPhone sales estimates in the next 12-18 months. The firm sees “a twofold challenge” of stronger competition in greater China and a lack of compelling Apple Intelligence and generative AI apps to accelerate near-term device replacement, the analyst tells investors. With slower-than-expected iPhone sales and an elevated valuation, the firm believes it will be “challenging” for Apple shares to outperform, the analyst added.
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