Phillip Securities Downgrades Apple Stock to 'Moderate Sell'

Apple's stock rating has been lowered to 'moderate sell' by Phillip Securities. The downgrade comes after several other brokerages have weighed in on Apple, with some raising their price targets and others maintaining a buy or hold rating.

The change was announced in a research report issued on Monday, following the release of Apple's quarterly earnings results on July 30th. In the report, analysts at Phillip Securities cited concerns about Apple's guidance and manufacturing costs as factors contributing to the downgrade.

Apple had reported $2.02 EPS for the quarter, topping consensus estimates by $0.13, but the company's revenue was up only 16.4% on a year-over-year basis. Additionally, India proposed extending tax exemptions through 2041 for foreign companies supplying equipment to contract manufacturers, which could potentially lower Apple's manufacturing costs and support its strategy of shifting more iPhone production to India.