Deutsche Bank Downgrades Apple To Hold

(RTTNews) - Deutsche Bank has downgraded Apple Inc. (AAPL) from Buy to Hold and lowered her price target from $105 to $102.

Deutsche Bank analyst Sherri Scribner noted that Apple's shares are up 25% year-to- date and near all-time highs, driven by positive expectations for iPhone and Sept's new product announcements.

She believes investor expectations for iPhone sales are currently high, making it more difficult for Apple to outperform expectations.

"In addition, the company has now announced all of its anticipated new products, creating limited catalysts for the shares through year-end. With expectations already reflecting strong iPhone sales and limited catalysts this year, we expect shares to be range bound and are downgrading Apple to a Hold," Scribner said.

Apple shares are currently trading at $99.85, down 5 cents. Apple shares trade in a 52-week range of $68.33 to $103.74.