Credit Agricole's Avi Silver "downgrades" Apple (AAPL) to Outperform from Buy, while lowering...

|About: Apple Inc. (AAPL)|By:, SA News Editor

Credit Agricole's Avi Silver "downgrades" Apple (AAPL) to Outperform from Buy, while lowering his PT to $505 from $575. Silver expects iPhone sales to be weak in the June quarter thanks to growing competition ahead of a 5S launch (presumably the Galaxy S IV takes center stage here). He also doesn't expect an iPhone with a larger screen, which (like others) he considers "much needed," to arrive this year. Shares -0.8%. (Berenberg)