Why Apple Shares Are Dipping Premarket Today
Portfolio Pulse from Shanthi Rexaline
Shares of Apple, Inc. (NASDAQ:AAPL) fell in premarket trading after an analyst at KeyBanc Capital Markets downgraded the stock from Overweight to Sector Weight and removed the $200 price target. The downgrade was due to unattractive valuation, slackness in the U.S. market, international markets not getting enough traction, and overly optimistic current estimates. The broader market negativity, triggered by a spike in bond yields, may also weigh down on the stock.
October 04, 2023 | 11:51 am
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Apple's stock was downgraded by KeyBanc Capital Markets due to unattractive valuation, slackness in the U.S. market, and overly optimistic current estimates. This, along with broader market negativity, may negatively impact the stock.
The downgrade by KeyBanc Capital Markets is based on several factors that directly impact Apple's stock. These include unattractive valuation, slackness in the U.S. market, and overly optimistic current estimates. Additionally, the broader market negativity, triggered by a spike in bond yields, may also weigh down on the stock. This combination of factors is likely to have a negative impact on Apple's stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100