“Apple’s shares are down about 7 percent over the past month, but analysts don’t see a reversal any time soon,” Jennifer Leigh Parker reports for CNBC. “‘I think the stock’s going to range down for the next couple of months because investors really don’t have anything to get excited about this quarter,’ said Sanford Bernstein analyst Toni Sacconaghi. ‘There’s no new product likely until the September-October time frame, which is the iPhone 5.'”
“Sacconaghi does acknowledge Apple’s strength, warning investors not to be ‘too cute’ with the stock, because ‘it’s a great fundamental long-term story,'” Parker reports. “In the short term, however, another analyst has a ‘hold’ rating on the stock. In the same interview, Colin Gillis, tech analyst for BCG Financial, said he’s ‘concerned about Apple going lower before it goes higher.'”
Read more in the full article here.