HSBC analyst Erwan Rambourg last night downgraded his rating on Apple shares to Hold from Buy and cut his price target to $200 from $205. The stock in premarket trading is down $3.02 to $181.80. It is “too late to sell” Apple shares following the selloff in November, but it is also “too early to buy,” Rambourg tells investors in a research note. The analyst believes growth in the company’s core iPhone is set to “slow dramatically.” The company’s revenue growth will decelerate amid longer smartphone replacement cycles and penetration saturation in core markets, says Rambourg. Further, he has a “less than enthusiastic view” of Apple’s ability to make significant headway in emerging markets like India. “The lion’s share of future revenues (products and services) will be dependent on the current installed base – which is unlikely to grow materially,” contends Rambourg.