CNBC Pro

Bank of America downgrades Apple, citing a number of risks including valuation

Tim Cook
Source: CNBC

Apple shares got a rare downgrade on Wall Street with Bank of America taking the market leader to neutral from buy on Wednesday.

It was the first downgrade of the high-flying stock since April on Wall Street. Investors have crowded into shares of the iPhone-maker this year, with the stock up 49% and approaching a $2 trillion market value. The stock has more than doubled off its coronavirus-crisis low set in March as consumers kept buying iPhones, iPads and Apple's services during the pandemic.

The analyst, Wamsi Mohan, cited a number of risks in the downgrade including:

More In Street Calls

CNBC ProHere are Friday's biggest analyst calls: Tesla, Apple, Sunoco, Exxon, Microsoft, Uber & more
CNBC ProRecords storage stock Iron Mountain offers resilience in a volatile world, Barclays says
CNBC ProCredit Suisse cuts Tesla price target, says deliveries will fall short because of China