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Wajeeh Khan

KeyBanc Just Downgraded Apple Stock. Here's What to Know.

Apple Keybanc AAPL United States

KeyBanc analysts downgraded Apple (AAPL) to “Underweight” from “Sector Weight” on Tuesday, setting a $250 price target that implies more than 20% downside from current levels. Analyst Brandon Nispel cited weakening hardware demand, slowing upgrade cycles, lower carrier subsidies, and elevated valuation as primary concerns underpinning the bearish call.

The downgrade arrives just one day after Apple stock reached an all-time intraday high of $323.45, capping a nearly 17% year-to-date gain that made it the best-performing Magnificent 7 stock of 2026.

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