Apple downgraded to hold from buy at Stifel

Shares of Apple Inc. were falling 3% in premarket trade Wednesday after Stifel analysts downgraded the stock to hold from buy following fourth-quarter earnings. The analysts said they believe Apple shares will be constrained in the $105 to $120 range until the company offers more insight into new products to boost the company. Other negatives weighing on the stock include an estimated 75 million to 77 million in iPhone shipment expectations for the first quarter of 2017, lower than their estimates, declining revenue in China and a "tempered view" on Apple's installed base upgrade rate. The analysts cut the price target to $115 from $130. Shares of Apple have gained 22% in the past three months, compared to the S&P 500's drop of 1.2%.

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