Bear Stearns has downgraded Appleis stock today, because the stock had reached the targets set by the Wall Street firm. Bear Stearns had rated the stock with an "Outperform" rating, meaning the stock should outperform the broader market.
The firm set a target price of US$36.50, which Apple reached during yesterdayis trading. The new rating for AAPL is "peer perform," which means the stock is expected to perform with the market.
Bear Stearns had just set the Outperform rating on September 1st of this year.
From a research note to its clients:
"Our view is that the valuation already reflects multiple product catalysts and potential for strong December quarter results given Appleis seasonal strength in consumer and leverage from several synchronized product cycles."
As of this writing, AAPL is trading at 35.67, down 0.68 (-1.87%), on moderate volume.