More on Apple: Berenberg's Adnaan Ahmad has downgraded shares to Sell from Buy, while also cutting his rating on Samsung (SSNLF.PK). With smartphone growth now fueled by emerging markets, "Apple and Samsung margins are peaking and growth is going to be driven by the margin-dilutive mid-to-low-end segment," he argues. Also, Citi has cut its PT to $480, citing weaker iPhone 5 and regular iPad demand. Citi, which cut Apple to Neutral in December, now expects March and June quarter iPhone sales of 34M and 25M, below a consensus of 37M and 32M. AAPL -0.2%.