UPDATE: Standpoint Research Downgrades Apple to Hold on Market Cap Concerns

In a report published Friday, Standpoint Research analyst Ronnie Moas downgraded Apple AAPL from Buy to Hold based on concerns over the company's market cap. In the report, Standpoint wrote, "=Back in September, the Apple share price hit $700. It looked as though they were going to knock out their competitors and maybe justify that share price and market capitalization. The problem is that they knocked a few competitors down … BBRY, NOK, HPQ, DELL, Samsung … but never knocked anyone out … big difference...My guess is that Apple eventually will come back towards the pack ($300 bln) as opposed to separating itself further from the pack. $700/share last year was probably as good as it will ever get for Apple. There was an over-reaction in April when shares dropped below $400 and I got what I was looking for … a 15%-20% bounce off that over-reaction low point." At the time of the downgrade, shares of Apple were trading at $461.98, a 1.16 percent rise since market open Friday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorDowngradesAnalyst RatingsRonnie MoasStandpoint Research
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!