Apple CEO Tim Cook attends the China Development Forum in Beijing, China March 23, 2019.
Thomas Peter | Reuters
Here are the biggest calls on Wall Street on Monday:
Rosenblatt Securities downgraded Apple to ‘sell’ from ‘neutral’
Rosenblatt said it sees Apple’s fundamentals “deteriorating.”
“We believe there is less reward for owning Apple stock after the recent stock rebound from stock buybacks and stable second quarter guidance. We do not think Apple is a short (the company has plenty of cash and a meaningful stock buy back program), however, we believe Apple will face fundamental deterioration over the next 6-12 months. “
Read more about this call here.
Needham added Apple to its ‘conviction buy’ list
Needham said it thinks Apple is making a move from a company whose value is based on “subscriber and services growth” instead of value based on “hardware unit sales.”
“We believe Apple is transitioning from a company valued based on hardware unit sales into a company based on subscriber…