Cowen Downgrades Apple Inc. (AAPL), Cites China Struggles

Shares of Apple are down -7% in premarket trading Wednesday after poor earnings led Cowen analysts to downgrade the stock.  During Apple’s third quarter 2015, Apple reported earnings per share of $1.85 on revenue of $49.6 billion. Analysts were forecasting Apple to post earnings per share of $1.81 on $49.43 billion.  While Apple was still able to beat analyst forecasts, this quarter represents the thinnest earnings beat since 2013. While the iPhone 6 appeared to be a success out of the gate, iPhone unit sales came just above estimates and were deemed lackluster. Cowen downgraded Apple from “outperform” rating to…