Morgan Keegan downgraded Apple to underweight today due to caution over the very quick bounce the stock has faced. This brings good points. Despite optimism over a 3G iPhone and improving margins, the macroeconomic slowdown is in place and it is too be seen whether or not a full recession will create more multiple contraction particularly in a high flyer like Apple.

The video attached to the blog post is particularly interesting for its comment on sell-side research and how often it moves as a herd. Really interesting even if you're an Apple bull.