“‘Our opinion [is] that Apple has peaked under the leadership of CEO Tim Cook,’ Colin Gillis of BGC Financial L.P. said in a note this week,” Verhage and Mellor report. “‘Our view that that there is risk that the upgrade rate for the next iPhone may slow even more than the upgrade rate cycle of 6s, which has been materially lower than the upgrade rate of the iPhone 6 as per the company,’ [Gillis wrote.]”
Verhage and Mellor report, “Gillis went on to downgrade the stock to ‘sell’ and lower his price target by 23 percent to $85.”
Read more in the full article here.
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