Apple (AAPL) remains underweighted by fund managers - BofA

BofA Securities analyst Wamsi Mohan reiterated a Neutral rating on Apple (NASDAQ: AAPL).

"At the end of Jan, AAPL ownership declined 37bps MoM to 72.7%, while weighting declined 0.01x MoM to 0.60x. AAPL % of sell-side Buy ratings in February at 78% was roughly flat y/y. While AAPL remains one of the most widely held stocks in the technology industry, average position size remains low. We reiterate Neutral on risk/reward balance, where lower consumer spending, tough y/y comps on certain products like iPads and Macs, and weaker n-t services trajectory, are offset by better mix of iPhones as supply improves, and potential new products (AR/VR) and services.

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Shares of closed at $150.59 yesterday.

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