HSBC analyst Erwan Rambourg downgraded Apple (AAPL) to Reduce from Hold while raising his price target for the shares to $180 from $160. Reduce is HSBC's equivalent of a sell rating.

Shares of Apple closed yesterday down 60c to $199.50.

The returns from Apple's recent announcements, including the Apple News+ premium news subscription, the Apple Card in partnership with Goldman Sachs (GS), Apple Arcade games as part of the App store and video subscription Apple TV+, could "take some time to extract," Rambourg tells investors in a research note.

The new services will potentially generate revenue of $12B by 2024, but yield lower margins versus Apple's current services portfolio, says the analyst. Further, while the new services could make the company's ecosystem "more sticky," they won't necessarily enable Apple to recruit more consumers to the iPhone, he contends. Rambourg believes that following the stock's 41% rise off the January 2019 lows and "relative optimism / complacency" on the services announcement, "there is now some downside."