$AAPL - KEYBANC UPGRADES TO SECTOR WEIGHT FROM UNDERWEIGHT "We are upgrading AAPL to SW. Friday’s tariff exception for smartphones is a major positive, removing a key risk and making our previous downside target unlikely. While concerns remain — high growth expectations for FY26, weak AI efforts, and risks from the Google DOJ case — the worst-case trade war scenario now seems off the table. As a result, we no longer see further downside."