Citi downgrades Apple to ‘neutral’ from ‘buy’

“Citi Research downgraded Apple’s stock late on Sunday to ‘neutral’ from ‘buy’ and lowered Apple’s price target to $575 from $675, citing diminishing hype around the iPhone 5 and improving competition in smartphones,” Sakthi Prasad and Melanie Lee report for Reuters.

“Apple’s latest iPhone made its global debut with a launch in the United States and 30 other countries in September, selling more than 5 million in its first three days on the market,” Prasad and Lee report. “Apple Inc said it sold more than 2 million of its new iPhone 5 in China during the three days after its launch there on Friday, marking China’s best-selling iPhone rollout ever.”

Prasad and Lee report, “‘Customer response to iPhone 5 in China has been incredible, setting a new record with the best first weekend sales ever in China,’ Apple Chief Executive Tim Cook said in a statement.”

Read more in the full article here.

MacDailyNews Take: Uh, Citi, you’re hallucinating — or something.

We bet Citi will be among the first to feign their shock and awe over Apple’s quarterly results release next month.

Related articles:
Apple sells over two million iPhone 5 units in first weekend in China – December 17, 2012
Apple stock falls as some misinterpret demand for iPhone 5 in China – December 14, 2012
Survey: 53% of smartphone buyers plan to buy an iPhone 5, only 35% plan to settle for Android – December 14, 2012
Despite frigid temps, Apple’s iPhone 5 launches to enthusiastic reception in South Korea – December 7, 2012
Top-selling iPhone 5 flanked by strong iPhone 4/4S sales – December 3, 2012
Apple: iPhone 5 arrives in South Korea and over 50 additional countries in December – December 3, 2012

19 Comments

    1. What is wrong with these people? They are just that clueless about the tsunami quarterly announcements Apple will announce soon? They really think Apple is losing it? It leads one to ZERO faith in anything these guys and others likeminded say.

      1. There is no sane, logical, statistical, anything reason to be bearish on Apple. Therefore, I consider this ‘bear’ phenomenon to be just another FAIL-fest from the unBEARably jealous BIZNIZZIZ out there who seriously don’t know how to do actual business any more. I enjoy watching them stamp their little feet, whine, whimper, flounder and drown while Apple, the best business going, THRIVES.

        It’s beautiful karma.

  1. In this new reality analysts cite “diminishing hype” as a critical business factor, but “exploding sales, revenue and profit” are mostly irrelivent.

  2. They’re just like everyone else. No one has rationally explained the drop in Apple stock. Lots of analysts of pontificated on it but most of that is crap.

    So what do you tell your customers? We don’t know why it’s dropping but we think you should buy? No, you’re honest. Neutral says “We don’t know.”

  3. Hey, MDN… Wall Street has already discounted your upcoming headline about Apple “smashing” the street. The stock market is always, always ahead of the performance of the entire economy and any company. The Street has put AAPL in the pile of companies whose run is over. AAPL is a $400 stock today and after the big quarterly announcement in January and from then on. iCal this.

    1. Guess I owe ppeterson an apology of sorts……. WallStreet does put Apple in the pile of companies it wants to play, manipulate, or destroy. It always has.

      Wallstreet has never understood anything about Apple, and has always been pissed off at how Apple, even in the dark days of the mid-late 90s Never listened to the expert advice of Analcysts, and never caved to what WS wanted, or behaved how WS asked them to.

      Here in present days, WS has even more reason to be pissed, cause Apple just keeps rolling ahead, ignoring WS. Since Apple ‘out wallstreets’ Wallstreet be following the ‘golden rule’ (He who has the gold, makes the rules) WS will do anything in their power to slam Apple. Long story short, it some twisted way ppeterson is right

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