DA Davidson analyst Tom Forte last night downgraded Apple to Neutral from Buy with a price target of $185, down from $193. Apple announced yesterday the launch of what could be its most significant new hardware product since the iPhone in 2007, the analyst tells investors in a research note. Dubbed Vision Pro, Apple is expected to start selling its augmented reality/virtual reality headset in calendar 2024 for $3,499 via its e-commerce website and retail stores, says the firm. However, Davidson downgraded the shares on the belief that any good news from the AR/VR product launch is already reflected in the share price. In addition, it believes there are “important structural challenges” for Apple when it comes to consumer adoption of AR/VR hardware, which could limit the near-term impact on its sales and profitability.