Goldman Sachs Downgrades Apple (AAPL) to Sell; Sees Deeper Reduction in Unit Demand
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(Updated - April 17, 2020 4:37 AM EDT) (updating comment)
Goldman Sachs analyst Rod Hall downgraded Apple (NASDAQ: AAPL) from Neutral to Sell with a price target of $233.00 (from $250.00).
The analyst comments "We are now modeling a deeper reduction in unit demand through mid 2020 and then a shallower recovery into early 2021. We also assume some lingering ASP weakness as consumers look to economize similar to what we have seen in prior downturns. In addition to this we believe that Services growth slows substantially in 2021 and that Services as a percentage of revenue actually stagnates in that year. Our updated model results in an EPS forecast of $11.31 in CY20 and then $13.17 in CY21."
For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.
Shares of Apple closed at $286.69 yesterday.
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