Apple's coming off its worst quarter in more than a year and there might be some more

pain ahead according to Key, downgrading the stock to sector weight today.

Steve Kovac watching details on this from long-term bull on the name

Steve. Yeah Carl and Apple shares up about a third of a percent right now despite

that downgrade, Kibake analysts laying out an alternative view from what most analysts have been saying going

into Apple's most important quarter of the year. Now here's what's behind

keeping's case here. Apple shares still trading near all-time high

multiples despite the declines we seen in the share

price since early summer when Apple share soared and hit all-time highs seeing

softness in US sales especially with those carrier deals that offer steep discounts or even free

iPhones when you sign up for a two-year contract or switch over from another

provider and not seeing strong demand for smartphones overall in the US.

By the way, Tim Koch told me about the following demand when I spoke with him a few months ago.

He said US smartphone demand was, quote,

the smartphone industry is tough in the US right now.

Now, UBS analysts backing up that this morning as well,

noting iPhone 15 pro wait times are 21 days,

nearly two weeks shorter than the same period last year for the 14 Pro.

And there's renewed competition in China with Huawei selling phones again.

Now outside the U.S. Key Bank says others have been too optimistic about

accelerating growth. We hear Apple talk a lot about growth in markets like India

but it's not enough to offset weakness in more lucrative markets like China and the U.S.

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