Chinese Investment Firm Downgrades Apple Stock Amid Muted Revenue Growth Projections

Chinese investment firm Chinese Renaissance has downgraded Apple's stock to 'Hold' from 'Buy', citing muted revenue growth projections and elevated memory costs. Analyst Jack Zhou reduced the price target to $280 from $329, stating that the 4QFY26 top-line guidance implies only ~10% growth in services.

The firm remains constructive on iOS ecosystem but notes that the services slowdown will further weaken its mitigation of memory-driven pressure on hardware margins.

However, Apple's recent quarterly results have been encouraging, with record operating cash flows and revenues up 16% from the previous year to $109.4 billion.