Jim Cramer on Who Won the Apple Downgrade Challenge

In case you missed it, Jim Cramer is hosting a competition with his team of analysts at Action Alerts Plus to see which firm downgraded Apple (AAPL) - Get Report first. 

@jimcramer is hosting a competition with @AnthonyBonsigno@jeffmarks_@BenStoto@ZevFima and @KevinCurranRM to see who downgrades $AAPL next. Don't forget to check out @CramerClub's call at 11:30 AM ET. pic.twitter.com/4ozGyQTPTH

— Katherine Ross (@KatherineRooss) November 14, 2018

And the winner was officially announced on Tuesday, Dec. 4 after HSBC downgraded Apple AAPL to hold from buy. 

• Apple Resumes Slide on Report of Discount Promotions to Boost iPhone Sales

It also slashed its price target to $200 from $205.

• An Apple Exec's Comments About iPhone XR Sales Only Tell Us So Much

The downgrade came after Apple supplier Cirrus Logic slashed its third-quarter revenue estimates. 

The company cited "recent weakness in the smartphone market" as the reason for the price target cut. 

Apple is a holding in Jim Cramer's Action Alerts Plus portfolio.To find out when AAP buys or sells AAPL, subscribe here.