Maxim analyst Nehal Chokshi downgraded Apple to Sell from Hold with a $190 price target, stating that his survey data lead him to project iPhone revenue in fiscal Q2 that is 14% below consensus iPhone revenue that is 6% below consensus for fiscal year 2020. He also expects operating profit to decline year-over-year due to his below consensus iPhone view, said Chokshi, who also reduced his FY20-FY22 estimates. Chokshi argues that “applying peak multiples to peak earnings is unjustified.”