Apple Inc. (NASDAQ: AAPL) had a dismal start to the second quarter with a loss of just over 3%, and this was on the heels of a 16% drop for the first quarter alone. In fact, Apple is now down about 40% from its 2012 peak.
News is out that Goldman Sachs Group Inc. (NYSE: GS) has removed Apple from the prized Conviction Buy List. The good news is that the official rating is still Buy for the troubled consumer electronics and technology giant. The bad news is that the firm lowered the objective price target to $575 from $600 in the research call.
Apple investors need to pay close attention to the stock price here. The stock tried to bounce but then has failed in just the past four days, after having reached about $470 again. After Monday’s drop, the stock is down to less than $430, and the $428.91 close on Monday took the stock within a mere $10 of the 52-week low of $419.00.
The stock market is off to a wonderful start in 2013, with double-digit gains for the first quarter alone. We just gave a bull market road map for April and beyond, but we also listed Apple as one of the 10 things that could still wreck the bull market.
Do we dare say that this is a contrarian’s dream being set up? Stay tuned.