Maxim Group analyst Nehal Chokshi downgraded Apple Inc. shares to hold from buy on Wednesday based on some skepticism about the company's services strategy. He wrote that Apple might have trouble achieving high attach rates for some of its services offerings due to the company's "ecosystem-centric approach," given that his survey work indicates that only about a third of iPhone users also use Macs. He wrote that some Windows users might "shun the Apple subscription services" because the services wouldn't be easily compatible with all their devices. Chokshi also said that the company will face a lot of "entrenched competition" from Netflix Inc. as it deepens its interest in video and may not be very successful with the expected launch of a news-subscription product, since his survey work found that many consumers don't pay for news. Chokshi wrote that fiscal 2019 could be a "down year" for Apple given trends in the broader smartphone market. Shares are down 0.1% in premarket trading but up 22% over the past 12 months, while the Dow Jones Industrial Average has gained 11%.