Banc Of America SEC Initiates Coverage Of AAPL

Another brokerage has initiated coverage of Appleis stock. Banc of America Sec initiated coverage with a Market Perform rating, a fairly neutral rating. The previous three changes to analyst ratings were all downgrades during the summer. Salomon Smith Barney downgraded the stock from a Buy to a Neutral rating on July 17th. Merrill Lynch downgraded the stock from an LT Buy to an LT Neutral on June 19th, and AG Edwards downgraded the stock from a Strong Buy to a Hold on the same day.

Apple closed the day yesterday at 14.51, a gain of a penny (+0.07%), on strong volume of 6,128,613 shares trading hands.

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