DA Davidson Downgrades Apple To Neutral, Maintains $250 Price Target

Core Viewpoint - DA Davidson downgraded Apple from Buy to Neutral, maintaining a $250 price target due to lackluster product innovation and muted near-term AI prospects [1][2] Group 1: Product Innovation - Analysts initially expected Apple to play a significant role in artificial intelligence and drive a major upgrade cycle, but recent product announcements have not met expectations [1] - The iPhone 16, iPhone 17, and iPhone Air have raised questions about consumer demand, indicating potential challenges in driving sales [1] Group 2: Product Categories - The Vision Pro headset, while generating initial excitement, is viewed as a niche device that may not contribute significantly to overall sales [2] - Anticipation of a foldable iPhone next year may not be sufficient to trigger a broad upgrade cycle, suggesting that Apple needs to innovate its core lineup or introduce a new product category for growth [2]