Wall Street firm downgrades Apple stock as it hits all-time high.

UBS analysts have downgraded Apple's stock to neutral from buy, citing soft demand trends and a 50% premium to the market, which they say equals unfavorable risk/reward. They expect at least a 1% to 2% drop in iPhone unit growth in the second half of 2023, with Mac revenue down 3% to 5%. UBS notes that Apple shares currently trade at 29 times forward 12-months estimates, above the 1, 3 and 5-year averages, respectively.