Merrill Lynch has downgraded Apple from “Buy” to “Long-Term Neutral” following the company’s earnings warning yesterday, according to Briefing.com. Merrill cited a lack of long-term visibility for the downgrade, and also revised its fiscal year 2002 revenue and earnings estimates to US$6.2 billion and $0.40 per share, respectively, from $6.2 billion and $0.50 per share.