Gabelli & Co Issues Apple (AAPL) A Rare Downgrade
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Earlier, Gabelli & Co downgraded Apple (Nasdaq: AAPL) from Buy to Hold, saying with the 40%+ ytd run-up in the stock the stock is now fairly valued.
Gabelli notes that Apple now trades at 20x 2010P EPS and 10x EBITDA, with certain risks, including a likely CEO transition in the near-term.
This is a rare downgrade for Apple. In fact, 28 out of 38 analysts that track the stock rate it a Buy.
For more analyst ratings on Apple click here.
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