Apple Stock Has Been Flying Lately. This Expert Says It's Time to Sell.

Share of Apple hit a record high on Monday. Cheng Xin / Getty Images Close Key Takeaways KeyBanc analysts downgraded Apple’s stock to “underperform” Tuesday, telling clients expectations for the iPhone maker could be “too aggressive.” The move stands out on Wall Street, with most analysts surveyed by Visible Alpha still bullish Apple has room to rise after hitting a record high this week. Get personalized, AI-powered answers built on 27+ years of trusted expertise. ASK After Apple’s recent runup, one Wall Street expert is saying it’s time to step on the brakes. Shares of Apple ( AAPL )—which were down less than 1% around $315 in late trading Tuesday after hitting a record high yesterday—have surged 9% since the month began amid growing anticipation of new product launches and progress under new CEO John Ternus , who’s set to take over the top role from Tim Cook in September. That could leave Apple’s stock due for a pullback, according to analysts at KeyBanc, who downgraded Apple’s stock to “underperform” Tuesday and told clients they believe expectations may have become “too aggressive.” Why This Is Significant KeyBanc’s downgrade could throw a wrench in recent enthusiasm for shares of Apple after their record rally. “We see U.S. carriers pulling back on device subsidies, slowing upgrade rates, and International likely needing to carry more weight, which gets difficult in a rising price environment,” said KeyBanc. Apple raised prices on several products last month to offset high memory costs, with the company seen extending its price hikes to iPhones later this year. KeyBanc’s bearish stance stands stands out on Wall Street, however. Its price target at $250 is well below the mean of analysts tracked by Visible Alpha around $330. Five of the eight analysts with current ratings recommend buying the stock, compared to one neutral and two sell ratings. Related Education Apple Just Hit a New High. These Experts Say the iPhone Maker’s Stock Has More Room to Run Apple's J...