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Consumer Electronics

Deutsche Bank’s SOLAR Call Hurts Apple (AAPL)

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By Jon C. Ogg Updated Published
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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

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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