Brandon Nispel, an analyst at KeyBanc Capital Markets, reiterated his “Underweight” rating on Apple (AAPL) stock and set a price target of $250. He expects Apple’s stock price to fall by about 26% from current levels. Nispel believes that as Apple raises iPhone prices, sales growth will slow, which will in turn impact user growth and service revenue growth. In addition, he noted that Apple’s current price-to-earnings ratio is approximately 34 times, and given that its growth model is shifting from volume-driven to price-driven, investors should apply lower valuation multiples; therefore, he believes Apple is currently overvalued.