AMZN Upgrade At Highs Screams Of AAPL Upgrades At 700
Today, we saw a Morgan Stanley (NYSE: MS) analyst upgrade Amazon.com, Inc. (NASDAQ: AMZN) to overweight with a price target of $325.00. This came as the stock was hovering just underneath its 52 week and all time highs with a P/E north of 100.
This upgrade reminds many traders of upgrades similar, which occurred in Apple Inc. (NASDAQ: AAPL) when it was trading at all time highs of $700.00. Since those upgrades, AAPL has fallen all the way back to its current level of $522.36, -4.64 (-0.88%).
Amazon hit a high of $269.30 today but has already fallen back to $265.96. Upgrades at an all time high on a stock are usually a high risk idea. These stocks are usually priced to perfection an often times institutions will sell into the retail buying. No the aftermath of AAPL before thinking about buying into this upgrade on Amazon.