Apple's Growth Prospects Diminish as UBS Downgrades Stock.

UBS analyst David Vogt downgraded Apple's stock from Buy to Neutral while raising his price target to $190 from $180, citing "persistent softness in developed markets and data that indicates growth is likely to remain under pressure." Apple's gains put it at a historically high price, and it is trading at a roughly 50% premium to the S&P 500, a 10-year high, per UBS. Vogt points out iPhone sell-throughs in the US, China, and Europe declined a combined 7.5% YoY in the most recent quarter, and overall revenue growth is declining too, particularly in Greater China and Japan.