Apple falls 2% as HSBC joins chorus of banks downgrading shares on iPhone saturation fears

Apple falls 2% as HSBC joins chorus of banks downgrading shares on iPhone saturation fears

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A dependance on the iPhone for the majority of its revenue and a saturation of the smartphone market has contributed to a downgrade of Apple's shares from HSBC, which shifted Apple down from a "Buy" grade to "Hold" and a reduced 12-month target price from $205 to $200.