Apple Computer has been downgraded to “neutral-weight” from “overweight” by Prudential Equity Group, citing the recent stock appreciation. Shares are currently trading around $60.92 in pre-market NASDAQ trading after closing at a new all-time high of $61.85 yesterday.
The Associated Press reports, “Prudential told clients it expects a strong first quarter and fiscal 2006, but said it believes the stock has now fully discounted this reality. ‘High expectations and still considerable froth add to risk profile, in our view,’ Prudential said.”
Full article here.
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This downgrade tempers Apple’s recent hot streak into record share price territory and may help to provide some sort of buying opportunity for those looking to squeeze in under $60.
First Albany raises Apple target to $66, expects 9 million iPods next quarter – November 03, 2005
Apple Computer shares crack $60 mark, hit new all-time high in morning trading – November 03, 2005