DA Davidson downgraded Apple (AAPL) to Neutral from Buy with an unchanged price target of $250. The firm believes Apple taking a significant role in the artificial intelligence ecosystem and the iPhone undergoing a major upgrade cycle are unlikely in the near term. DA is “uninspired” by Apple’s recent product announcements and believes the company may not significantly leverage AI anytime soon. Until the company can redefine its current products or develop compelling new ones, its growth will “remain constrained under the status quo,” contends the firm.
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