Apple rarely received a bearish rating, and KeyBanc Capital Markets downgraded the stock to a lower share due to concerns about demand and valuation. Brandon Nispel previously rated Apple's stock equivalent to “holding,” and he said the stock's valuation gap with respect to the market was “unreasonable.” The expected price-earnings ratio of Apple stock is over 33 times, far higher than the 10-year average of 23 times, and higher than the Nasdaq 100 index of 22.8 times. “We are seeing US operators reducing equipment subsidies and the pace of upgrades is slowing down, so the international market may need to take on more pressure to grow. In an environment of rising prices, this will become difficult, and we think the market consensus that the 2027 iPhone growth of 8% is too aggressive,” Nispel wrote in a July 13 report.

Apple rarely received a bearish rating, and KeyBanc Capital Markets downgraded the stock to a lower share due to concerns about demand and valuation. Brandon Nispel previously rated Apple's stock equivalent to “holding,” and he said the stock's valuation gap with respect to the market was “unreasonable.” The expected price-earnings ratio of Apple stock is over 33 times, far higher than the 10-year average of 23 times, and higher than the Nasdaq 100 index of 22.8 times. “We are seeing US operators reducing equipment subsidies and the pace of upgrades is slowing down, so the international market may need to take on more pressure to grow. In an environment of rising prices, this will become difficult, and we think the market consensus that the 2027 iPhone growth of 8% is too aggressive,” Nispel wrote in a July 13 report.