Robert W. Baird & Co. lowers Apple Inc. to 'neutral'

Robert W. Baird & Co. Inc. analyst William Power lowered his investment opinion of Apple Inc. to "neutral" from "outperform."

The analyst wrote in a research report: "We are increasingly wary of several near-term risks, particularly consensus estimates that we believe remain frustratingly too high. With estimates likely to fall further and gross margin concerns likely to linger, we believe the shares could drop further, despite the sharp sell-off and valuation. Notably, we remain positive on Apple's leading product portfolio, unmatched ecosystem and potential new products, and would look for a more significant "reboot" of estimates to potentially get more aggressive again."