Analyst Pounds the Table on Wall Street Ethics; Adds Amazon, Apple, Philip Morris to Blacklist
Although Moas commented that there are numerous companies that could be on his Blacklist, he singled out these three on “moral and ethical grounds.” The analyst downgraded Apple from Hold to Sell and reiterated a Sell recommendation on Amazon. Moas initiated coverage on Philip Morris with a Sell. Similar to other calls by Moas, these downgrades are not based on any fundamental change.
In Moas' analysis, he reminds readers, “I am not trying to judge anyone and I hope it does not come across this way.” With a grandfather who passed away from a smoker's death, the analyst criticized the tobacco industry. He was specifically in awe of Philip Morris' new brand Hope, commenting that the name would be more accurate as, “Hope you don't die from cancer smoking these.”
Ronnie Moas continued to analyze minimum wage and the implications for Apple. He pointed fingers at the $2 per hour wage of employees in Chinese factories. The analyst wrote, “I heard all of the arguments in their defense and they make no sense to me.” Moas questioned how a company could generate an incredible amount of revenue, without giving back to the individuals instrumental in creating the product.
The analyst continuously pointed out that the build-up of anger and frustration were factors that led to this emotional e-mail during the night.
Shares of Apple closed at $540.98 on Friday and are currently down as low as $533.60, or 1.383%. Amazon is trading as low as $390.40 this morning, down 1.547%. Philip Moris is down 1.159% at $84.55.
Latest Ratings for AMZN
|Apr 2016||Goldman Sachs||Maintains||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.