Apple Inc. was downgraded at KeyBanc Capital Markets Inc., which said shares of the iPhone maker are trading near all-time high valuation levels though its sales growth is likely to slow.

“US sales are likely to struggle” on a challenging upgrade cycle for the iPhone amid slower consumer spending, analyst Brandon Nispel wrote in a note, cutting his rating on Apple to sector weight from overweight. In addition, “international growth expectations for reacceleration may be aggressive,” he added.

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Apple Gets Downgraded by KeyBanc, Believing Valuation Near All-Time High