HSBC downgrades stock because “Apple Services and Apple Card too late to the game”
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In March, Apple announced a slew of new services including Apple TV Plus, Apple Card, and a whole lot of original programming to its then announced streaming service. Despite the generally positive response by analysts, albeit with the sense of being underwhelmed, HSBC believes the revealed services won’t make much of a dent in Apple’s finances in the short term.
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HSBC analysts downgraded Apple to a “reduce” rating with a price target of $180, causing shares to fall by 1 percent in premarket trading, reports CNBC. The firm believes the push into services will have lower margins than investors would prefer, and won’t see any real benefit to Apple’s bottom line for some time.
To read the rest of the CNBC report, click here.
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