Apple (AAPL
) may have reported record sales with its latest iPhone device today, but that did not stop Societe Generale from downgrading the stock.
An analyst with Societe Generale moved Apple’s stock to a “Hold” from a “Buy,” though the analyst still maintained a price target of $500. It was noted that while sales for the newest device have been strong, margins may be set to decline in the coming months. It was noted that this downgrade was based on the very near term.
Should demand for the new Apple devices stay strong, the company may very well be able to maintain or increase margins, especially with the Chinese market opening up.
Apple’s stock cared little of the downgrade as it soared more than $23.23, or 4.73%, by Monday’s close. The stock is still down over 7% this year.
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