Apple Falls After Pacific Crest Downgrade

Apple Inc. AAPL shares are trading lower by $1.50 at $153.95 in Monday's session.

Ahead of Apple's WWDC event, analyst Andy Hargreaves of Pacific Crest downgraded the stock from Overweight to Sector Weight.

The downgrade caught the Street's attention as the stock has followed though on its $1.00 lower open. After only an $0.11 bounce, it has declined to $153.46 and is attempting to reenter the $154.00 handle.

This is only the second downgrade of Apple's stock since March 24, when Needham downgraded it from Strong Buy to Buy, but raised its target from $150.00 to $165.00. All the other analyst moves in the meantime have been a raising of price targets.