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Apple downgraded on concern that consumers will take longer to buy new iPhones

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A man holds his new iPhone 7 at an Apple store in Beijing.
Thomas Peter | Reuters

Barclays lowered its rating on Apple shares to equal weight from overweight saying the iPhone maker's earnings will miss Wall Street's expectations this year.

"Our view is that customers are increasingly mixing down (IP6S in favor of IP7) and maturation of the device-centric consumer electronics adoption wave could weigh on both Apple and the smartphone market," analyst Mark Moskowitz wrote in a note to clients Tuesday.

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