Market Overview

UPDATE: Citigroup Downgrades Apple to Neutral on Near Term Supply Chain Cuts

Related AAPL
Fast Money Picks For August 21
How To Profit From The Internet Of Things
The New Generation of Entrepreneurs (Fox Business)

Citigroup reduced its rating on Apple (NASDAQ: AAPL) from Buy to Neutral and reduced its price target from $675 to $575.

Citigroup said, "[O]ur previous Buy rating was trading oriented, reflecting our expectation for a near-term rally (after a substantial sell-off) on strong iPhone5 sales. However, near-term supply chain order cuts, while inconclusive in nature, bring into question the strength of iPhone5 and refocus investors onto risks in the Apple story. As such, we see the likelihood of any near-term rally as diminished, and, in keeping with our original thesis, downgrade the shares to Neutral.

Apple closed at $509.79 on Thursday.

Posted-In: CitigroupAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (AAPL)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters