“The optimism over Apple’s services opportunity is overblown, according to one Wall Street firm,” Tae Kim reports for CNBC. “Maxim Group lowered its rating to hold from buy for Apple shares, predicting the company’s subscription businesses will disappoint investors.”
“‘Prior survey data indicates attach rates for [Apple’s] subscription services will be at best 30%, likely lower given ecosystem centric approach, especially for services where entrenched incumbents exist,’ analyst Nehal Chokshi said in a note to clients Wednesday,” Kim reports. “The analyst reduced his price target for Apple shares to $200 from $204, representing 6 percent upside to Tuesday’s close.”
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