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Huh? Sales of older iPhone 5S surging

Apple iPhone 5S, iPhone 6 and iPhone 6 Plus
Source: Apple Inc.
Apple iPhone 5S, iPhone 6 and iPhone 6 Plus

Sales of the older iPhone 5S are surging as some Apple customers bristle at paying almost $700 for the more expensive iPhone 6, according to a Wall Street report Wednesday.

This surprising thriftiness is among the many reasons to stay away from the stock, according to an analyst at Societe Generale, who downgraded it to "hold" from "buy."

It's a rare bearish call from Wall Street on the world's most valuable company, which has faced only one other downgrade from this uber-bullish crowd in 2015.