Apple Inc. (NASDAQ: AAPL) briefly hit $600 per share this morning, and then as if a firing shot went off the investors and traders started taking profits. While some of the selling seems obvious, investors today are pointing to an analyst call out of Deutsche Bank and most investors have likely never even heard of this sort of report. The research team at Deutsche Bank removed it from the SOLAR list, which is the Shorter-term Opportunities within Long-term Analyst Recommendations list.
No wonder it hurt Apple today, it has the name solar in it!
Don’t worry, I have never heard of this list either after 20 years of exposure to analyst reports. The long and short is that this is just pure profit taking. Several analysts have raised their price targets on Apple aggressively the last week or so. Morgan Stanley went up to $720; Jefferies raised its target to $699; Canaccord Genuity raised its target to $710.
Shortly before the closing bell, Apple shares are down 0.45% at $586.84.
JON C. OGG