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…
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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
Contact [email protected] for any questions or corrections.
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.
