Global Equities cuts Apple to equal measure

(Reuters) - Global Equities Research downgraded Apple Inc to "equal weight" from "overweight" and cut its iPhone projections by about 50 percent.

Global said Apple's iPhone is suffering from significant strategic and tactical missteps, and the company is unlikely to achieve the stated 10 million unit goal by the end of 2008.

The brokerage also cut its price target on the stock to $130.

(Reporting by Esha Dey in Bangalore)