Goldman Sachs Downgrades Apple (AAPL) to Sell; Sees Deeper Reduction in Unit Demand
- Wall Street closes rollercoaster week sharply lower
- Invesco (IVZ) Reportedly in Talks to Merge With State Street's (STT) Asset Management Business, Citi Sees More Cons than Pros
- FDA Votes "No" on Pfizer (PFE) Booster for 16+ Age Group, 2 Yes 16 No
- Jefferies Raises Price Targets on Alphabet (GOOGL) and Facebook (FB) as They Are Still Inexpensive Relative to Growth, Reiterates Snap (SNAP) as a Best Growth Idea
- Tesla (TSLA) Could Deliver 900K EV Units This Year and 1.3M in 2022 - Wedbush
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
(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."
Shares of Apple closed at $286.69 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Natwest Group PLC (NWG:LN) (NWG) PT Raised to GBP2.60 at Deutsche Bank
- Lenta Ltd. (LENTA:LI) PT Lowered to $3 at Goldman Sachs
- SUSE S.A. (SUSE:GR) PT Raised to EUR41 at Deutsche Bank
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades, Hot Comments, Hot Downgrades
Related EntitiesGoldman Sachs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!