Credit Suisse Downgrades Apple Target Price
Credit Suisse Downgrades Apple Target Price
by , 8:50 AM EDT, September 30th, 2008
Credit Suisse analyst Steven Soranno cut his target price for Apple Inc shares from US$200 down to $160 on Tuesday, echoing investor concerns over the current financial instability in the U.S.
Mr. Soranno maintained that Apple has a strong product lineup, which will likely help the Mac and iPod maker as it moves forward through the weakening U.S. economy.
Apple's stock took a big hit on September 29 as well when investors and analysts became more concerned about the slowing economy. Morgan Stanley's Kathryn Huberty cut Apple from Overweight to Equal Weight, citing concerns over slowing PC sales. RBC analyst Mike Abramsky rated Apple down to Sector Perform from Outperform over concerns about the electronics market.
Mr. Soranno is maintaining his Buy rating for Apple stock, although his new $160 target price represents a $40 drop. Apple closed on Monday at $105.26, and is trading in the pre-market at $107.65, up 2.39 (2.27%).
[Thanks to setteB.IT for the heads up.]
Observer Comments
Tue Sep 30, 2008 10:11 am Subject: Sorrano and the other two IDIOTS are WRONG!!!!!!!
Sorrano and the other two IDIOTS are WRONG!!!! Now is the time to BUY, BUY, BUY, BUY, until the stock is at $250!!!!!! Apple has the strongest sales of all PC manufacturers, and is Debt FREE, and also has a lot of extra cash in the bank. 20 BILLION plus. Apple also is the innovator of new products, so further sales are likely to be very strong as well. These so called ANAL-ISTS are talking through there ASS!
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