Top Stories
Top Stories

Top analyst downgrades Apple on 'weaker-than-expected' sales and profit margin guidance

Customers await the Apple iPhone 7 launch.
Cedric Ribeiro | Getty Images

Stifel on Tuesday lowered its rating on Apple shares to hold from buy, as the September quarter iPhone sales results and the company's December quarter profit margin guidance came in below the firm's forecast.

[Apple reported] "weaker-than-expected iPhone sell-thru," analyst Aaron Rakers wrote in a note to clients.

"We are downgrading ... as we believe shares of Apple could remain range bound ... over the next 2-3 quarters until we / investors are able to garner greater insight into potential fundamental upside drivers."

Rakers' picks have a 10 percent one-year average return and a 61 percent success rate for a profit, according to analyst ranking service TipRanks. That places him in the top 8 percent of all Wall Street analysts covering any industry.