A Bewildering Apple Downgrade!
Apple Inc. (NASDAQ: AAPL) hit a new all-time high today at $674.88, but things have turned around and the stock is sinking. The drop is hard to imagine as even impacting, but the market remains jittery on any new headlines. A research outfit named Oracle Investment Research downgraded Apple shares down to Hold from Buy based on concern about the hype, and tha target has supposedly been cut to $650 from $670 on the share price target.
What is interesting is that after 16 years or 17 years or so of tracking analyst upgrades and downgrades, this firm is one firm we have never heard of. The firm isn't tied to the Oracle of Omaha nor is it tied to Larry Ellison.
Sometimes boutique firms offer insight. This feels more coincidental for the drop and we'd say that this was probably more of an excuse. That being said, we have not seen much on this formal report so we'll just let the drop in the stock speak for itself.
Apple shares are now down 2% at $651.30 on more than 20 million shares and the new 52-week range is $354.24 to $674.88.
The consensus target remains $721.39 according to Thomson Reuters, although that does not include the impact of this analyst call.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: AAPL, featured