Here are the biggest calls on Wall Street on Thursday:
Maxim downgraded the stock and said iPhone sales would be lower than expected in 2020.
"We are downgrading shares of AAPL to Sell, from Hold, and establishing a price target of $190, representing 28% downside, based on a sum-of-the-parts analysis. On pages 2-5, we present our most recent proprietary survey data, based on which we expect FY20E (Sept) iPhone units to decline 3% y/y. Combined with widely expected ASP pressure, we estimate FY20E iPhone revenue to decline 5% y/y."
Read more about this call here.
HSBC downgraded the telecom stocks due to pricing & product changes from AT&T and "shifts" in the content generation/distribution areas.
"Time to be more choosy: After our review encompassing strategic, financial and valuation metrics, we downgrade AT&T, Altice USA, Verizon and TMUS to Hold from Buy. We retain our only Buy on Comcast. We retain our Hold on Charter, seeing the potential for a stock buyback as a key support. Sprint and DISH remain our least preferred stocks with Reduce ratings. We also update our fair value target prices."