Market Overview

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

Share:
Related AAPL
Baird Analyst On Apple: 'We Like The Stock Here On This Weakness'
Apple Declines, UBS Says 'People Are Looking For A Catalyst'
Performance Of 25 Largest S&P 500 Stocks In 2015 (Seeking Alpha)

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.

Latest Ratings for AAPL

DateFirmActionFromTo
Jul 2015NomuraInitiates Coverage onBuy
Jul 2015Cowen & CompanyDowngradesOutperformMarket Perform
Jul 2015SocGenUpgradesHoldBuy

View More Analyst Ratings for AAPL
View the Latest Analyst Ratings

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

 

Related Articles (AAPL)

Get Benzinga's Newsletters