NEW YORK (TheStreet) -- RATINGS CHANGES
Apple (AAPL - Get Report) was downgraded to neutral from buy by Bank of America/Merrill Lynch, which set a $130 price target, saying the stock is a long-term winner but iPhone deceleration creates headwinds.
Lumentum (LITE - Get Report) was started at equal weight by Barclays, which set a $23 price target. Barclays said the stock is an interesting opportunity, an investment vehicle with proven products and customers and a management team that has been handed the flexibility to focus and allocate capital as it sees fit.
Trimble Navigation (TRMB - Get Report) was downgraded to neutral from buy by MKM Partners, which set a $21 price target, saying the pace and timing of the company's recovery remains too exposed to worldwide cyclical risk factors.