Apple stock drops after UBS downgrade

UBS analyst David Vogt assumed coverage of Apple and downgraded Apple shares by lowering UBS’s rating to “neutral” from “buy.”
Emily Bary for MarketWatch:“[W]hile shares of Apple typically outperform the market in the months leading to an iPhone launch, subsequent to the launch, shares have historically underperformed the market,” Vogt wrote.
The stock is trading at 29 times his estimates for earnings per share over the next 12 months, and it trades at 1