Apple: Credit Suisse initiates with 'neutral' rating
(CercleFinance.com) - Credit Suisse has initiated coverage of the Apple stock with "neutral" rating and a target price of 209 dollars, citing maturity in the iPhone cycle.
While the broker recognizes the potential in the shift to a more recurring, higher-growth services company, it also believes "it will take time for that view to play out."
According to Credit Suisse, investor perception of Apple as a hardware-centric company will be "hard to shake" against a backdrop of double-digit declines in iPhone sales.
With the stock up 40% from its January lows and close to a peak multiple, the broker hence remains on the sidelines, pending a better entry point.
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