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.
Bad day for Big Rainbow: RBC Capital's Mike Abramsky and Morgan Stanley's Kathryn Huberty cut their ratings and price targets on Apple...
Subscribe to Newsletter
Software Updatesmore updates
- Readdle rolls out PDF Expert 5: iCloud support, shared folder with Documents by Readdle
- FlightTrack 5: new look and features just in time for holiday travel
- HBO Go for iOS update adds Google Chromecast support
- Haiku Deck updates iPad app, launches web-based cloud version
- Weather Underground iPhone app gets crowdsourced weather, iOS 7 style
- Apple updates iMovie, adds support for older Macs