HSBC Downgrades Apple Stock Following Services Announcement

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HSBC downgraded Apple shares Wednesday. It now rates the stock at ‘reduce’. They said that Apple’s recent services announcements will not “move the needle” and had come “too late” (via CNBC)

Apple ‘Too Late’ to The Services Game

The bank set a new target price of $180 per share. In a note to clients, analyst Erwan Rambourg said:

Recent announcements on services has Apple putting money where its mouth is but returns could take some time to extract. While the new offerings may garner consumer attention, we do not expect these services to move the needle significantly.

Mr. Rambourg said that Apple’s much-vaunted services announced had “come too late to the game. He added that “its offering, by and large do not differ much or are below par to offerings from competition.”

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AAPL is up on news of HSBC’s announcement.