Apple Sinks After Wall Street Titan Pulls Magnificent 7 Stock From Conviction List
Portfolio Pulse from Chris Katje
Goldman Sachs removed Apple Inc (AAPL) from its Conviction List but maintained a Buy rating with a $232 price target. The removal follows the release of iPhone 15, Vision Pro, and a report on Apple ending its electric vehicle plans. Goldman Sachs also ended its partnership on the Apple Card with Apple. Meanwhile, Goldman Sachs added Amgen Inc (AMGN), Monday.com (MNDY), and Vulcan Materials Company (VMC) to the Conviction List, removing Merck & Co (MRK) and Vertex Pharmaceuticals (VRTX) alongside Apple.
March 01, 2024 | 3:40 pm
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NEGATIVE IMPACT
Apple removed from Goldman Sachs Conviction List but retains Buy rating with a $232 target. Release of iPhone 15, Vision Pro, and ending EV plans noted.
Removal from the Conviction List could lead to negative investor sentiment in the short term, despite the Buy rating. Ending EV plans may also impact investor outlook.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Merck & Co removed from Goldman Sachs Conviction List alongside AAPL and VRTX.
Removal from the Conviction List could negatively impact investor sentiment towards MRK in the short term, despite lack of specific reasons mentioned.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Vertex Pharmaceuticals removed from Goldman Sachs Conviction List with AAPL and MRK.
Like MRK, VRTX's removal from the Conviction List may lead to short-term negative sentiment among investors, though specific reasons are not provided.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Goldman Sachs removes AAPL from its Conviction List and seeks to end its partnership on the Apple Card.
While the removal of AAPL from the Conviction List is notable, the direct impact on GS stock is less clear, as the partnership's end may have been anticipated.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Amgen added to Goldman Sachs Conviction List with a $350 price target, highlighting a robust drug development pipeline.
Inclusion in the Conviction List and a high price target suggest positive outlook due to Amgen's drug pipeline, likely boosting investor confidence.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Monday.com added to Goldman Sachs Conviction List with a $270 price target, expected to resume profitable growth trajectory.
The inclusion and positive outlook on Monday.com's growth trajectory and market share gains suggest a bullish view, potentially lifting the stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Vulcan Materials added to Goldman Sachs Conviction List with a $292 price target, driven by profitability and U.S. homebuilding activity.
Vulcan Materials' inclusion due to expected earnings growth and exposure to homebuilding activity presents a positive short-term outlook.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80