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AAPL down sharply after two ratings cuts

Bad day for Big Rainbow: RBC Capital's Mike Abramsky and Morgan Stanley's Kathryn Huberty cut their ratings and price targets on Apple stock, both citing weakness in consumer spending on PCs.

AAPL was down 17.38 at 110.86 (-13.58%) as of this writing: a 20-minute-delayed chart is above.

Abramsky's price target on AAPL shares is now $140 (down from $200), while Huberty's is lower at $115 (down from $178). Huberty also notes Apple will struggle because the company "does not play" in the sub-$1,000 laptop market.

In a slim bit of good news, Abramsky raised his estimate of the number of iPhone units sold during the fourth quarter to six million, up from five.

AAPL's price during the trading day has been its lowest in over a year.



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Apple Financial

Bad day for Big Rainbow: RBC Capital's Mike Abramsky and Morgan Stanley's Kathryn Huberty cut their ratings and price targets on Apple...
 

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mik

Markets are going down, but wait, AAPL doesn´t loose enough, uh, ah, we could seed some rumours, we should send them to hell, they produce hardware, annoying for stock holders..

September 29 2008 at 6:16 PM Report abuse rate up rate down Reply
Cory Schulz

I've never purchased stock before and generally have no idea what I'm doing, but I'm smart enough to know that this is an amazing opportunity. How would I go about buying stock? E*Trade?
Thanks in advance for any advice!

September 29 2008 at 3:23 PM Report abuse rate up rate down Reply
2 replies to Cory Schulz's comment
eclipxe

Please research the market before jumping in, especially with what happened today. Your bad picks are the gains for other investors that take the time to study the market before jumping in head-first.

September 29 2008 at 5:09 PM Report abuse rate up rate down Reply
Brian

Sharebuilder.com makes it real easy.

September 29 2008 at 10:30 PM Report abuse rate up rate down Reply
slackpacker

Pay Your Shareholders Apple make it worth while to own your stock

September 29 2008 at 3:10 PM Report abuse rate up rate down Reply
nxiv

if history is any indication, when analysts lower their rating on aapl, it's a good time to buy. keep in mind their analysis is a lagging indicator, meaning by the time they downgrade, it's too late to sell. but it's a great time to buy if you're bargain hunting for quality stocks at overdiscounted prices.

September 29 2008 at 1:46 PM Report abuse rate up rate down Reply
Kevin

I don't feel quite so horrible now for selling several months ago when it hit $125. I made a nice 25%, but it wasn't what it could have been. Oh well. If I had some money I'd probably buy in now. Of course many stocks are good buys right now.

September 29 2008 at 1:35 PM Report abuse rate up rate down Reply
Brian

I just bought 20 shares. I've been waiting for it to get in the low $100's again.

September 29 2008 at 1:35 PM Report abuse rate up rate down Reply
jbar

At $111, this is a huge opportunity.

September 29 2008 at 1:21 PM Report abuse rate up rate down Reply
Craig

Good time to buy. New notebooks should sell well since its expected to be a full redesign, and with new iPods and strong iPhone sales, the holiday season looks noting but bright for AAPL.

September 29 2008 at 1:18 PM Report abuse rate up rate down Reply
JKT

If these "analysts" really knew what the stock was going to do, they'd have used that info to invest themselves and would be retired in the Caymans right now. The fact that they're working every day like the rest of us knows they know no more than the rest of us.

September 29 2008 at 1:09 PM Report abuse rate up rate down Reply
KSP48

Well, I bought some today.

September 29 2008 at 12:54 PM Report abuse rate up rate down Reply
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