Banc of America Downgrades Apple, Raises Target
Banc of America Downgrades Apple, Raises Target
by , 10:15 AM EST, December 14th, 2005
Banc of America, much like Bear Stearns, is concerned about Apple's valuation, according to MarketWatch. The investment firm is changing its rating from buy to neutral. Analyst Keith Bachman thinks the reward vs. risk profile for Apple is now more balanced after the stock's rise, coupled with concern over long-term iPod sales and operating margin expectations by investors.
Overall, Mr. Bachman feels Apple's processing unit business is tracking well, commenting "We believe Apple's fundamentals are strong."
Despite concerns over valuation, Mr. Bachman raised his target price for Apple from US$52 to $76.
Apple's stock is trading down from its closing high of $74.98 on Tuesday. Currently, it is at $72.84, down 2.14 (2.85%)
If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.
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