KeyBanc analyst Andy Hargreaves downgraded Apple to Sector Weight saying he sees “little to drive upside” following last night’s Q1 results. The stock in premarket trading is up 2%, or $3.35, to $171.13. Apple’s “massive cash return” should support the stock, but “soft” iPhone sell-through suggests a saturated market, Hargreaves tells investors in a post-earnings research note. Further, he notes that the lack of gross margin upside reduces his view of potential profit growth. The analyst sees 12-month fair value for the shares at $178.