BUZZ-Apple dips as MoffettNathanson downgrades to 'sell' in contrarian view

Shares of Apple AAPL.O fall 1% to $242.67 premarket

MoffettNathanson downgrades stock to "sell" from "neutral", trims PT to $188 from $202, and says market is "overly dismissive" of the risks to the stock

Analyst Craig Moffett says Apple's success in AI is already fully priced in

Other risks to AAPL include anti-trust case against Alphabet that threatens Apple's $25 bln annual search payments from Google, and its prospects in China, partly due to intensifying competition - Moffett

Craig Moffett is rated 2 out of 5 stars for estimate accuracy and 1 out of 5 stars for recommendation accuracy - LSEG

MoffettNathanson is one of only two out of the 49 brokerages covering AAPL that have "sell"-equivalent rating - LSEG

34 brokerages rate it "buy" or higher and 13 "hold"; median PT at $250 which is 2% higher than stock's last close

At last price, AAPL's market value was at $3.66 trillion, conceding its title of the world's most valuable company to Nvidia NVDA.O which was last valued at $3.75 trillion

(Reporting by Medha Singh)

((medha.singh@thomsonreuters.com))