Apple (AAPL) has been downgraded by Keybanc. Keybanc cites valuation for the downgrade and notes that U.S. iPhone sales are likely to struggle. Keybanc downgrades AAPL to sector weight from overweight without a price target. The analyst highlights that initial U.S. iPhone promotions from U.S. carriers are “being restrictive” and international growth expectations for reacceleration “may be aggressive.” Renita Young weighs in on this story.