Apple (AAPL) Downgraded as Analysts See No Significant AI Innovation

Core Viewpoint - Apple Inc. has been downgraded from Neutral to Reduce by Phillip Securities analyst Helena Wang, with a price target set at $200.00, due to stretched valuation and near-term challenges overshadowing recent product launches [1][2][3]. Group 1: Valuation and Outlook - The downgrade is attributed to near-term tariff headwinds, elevated capital expenditures (CAPEX), and a lack of significant AI innovation, which contribute to a cautious outlook on the stock [2][3]. - The discounted cash flow (DCF) target price remains unchanged at $200, with a weighted average cost of capital (WACC) of 6.5% and a terminal growth rate of 3% [3]. Group 2: Investment Comparison - While acknowledging Apple's potential as an investment, the firm suggests that other AI stocks may offer greater upside potential and carry less downside risk [4].