Macquarie cuts Apple price target on expectations for services slowdown

“Macquarie analyst Benjamin Schachter lowered his price target on Apple Inc. shares to $188 from $222 on Wednesday, taking a more muted stance on the company’s services trajectory,” Emily Bary reports for MarketWatch.
“Schachter sees slowdowns for licensing, the App Store, and AppleCare, which he said represent the three biggest drivers of category growth over the past three years,” Bary reports. “He wrote that smaller businesses including Apple Music, iCloud, and Apple Pay are not big enough to counter and pick up the slack to maintain current growth rates.”
Bary reports, “He maintained an outperform rating on the shares, which are up 1.2% in morning trading.”
Read more in the full article here.
MacDailyNews Take: The downgrade parade continues based on nothing but conjecture and whims.