Apple downgraded to rare sell rating by Maxim on concern about iPhone sales next year

Customers look at the Apple's new iPhone 11 series smartphones in an Apple retail store on East Nanjing Road in Shanghai.
Alex Ta | SOPA Images | LightRocket | Getty Images

Apple shares got a rare sell rating on Thursday after Maxim Group downgraded the stock on concerns about lower iPhone sales next year, citing proprietary survey data.

Maxim downgraded Apple to sell from hold and set a 12-month price target of $190, a 28% downside for the stock. Apple shares hit a record on Wednesday of $264.78 and are up 67% this year.