“Shares of Apple Inc. fell 3.3% to $392.90 in premarket trading on Wednesday a day after the iPhone maker and a much higher cash-return program for shareholders,” Barbara Kollmeyer reports for MarketWatch.
“BMO Capital Markets cut its rating on Apple to market perform from outperform, and dropped its price target to $435 from $440, while also cutting its full-year 2014 estimate. The analysts said challenges of increased competitiveness in the smartphone market will offset capital allocation,” Kollmeyer reports. “Analysts at Janney cut their Apple target to $500 from $520, while Nomura cut its price to $420 from $490.”
Read more in the full article here.
MacDailyNews Note: In pre-market trading, shares of Apple Inc. (AAPL) are down $11.39, or -2.80%, to $394.74 at 8:25AM EDT.
Apple preparing to unleash a blizzard of new products, says source – April 24, 2013
Why Apple’s Q213 earnings make it a fist-pounding buy – April 23, 2013
Piper Jaffray’s Munster: Apple’s going into a good year – April 23, 2013
Apple opens bank vault to dole out $100 billion to shareholders; $60 billion in buybacks the largest in history – April 23, 2013
Debt-free Apple plans to borrow to finance massive capital-return program – April 23, 2013
Apple beats Street on EPS and revenue; ups quarterly dividend by 15%; ups buybacks to $60 billion – April 23, 2013
If Steve Jobs were alive he’d do another buyback instead of upping dividend – March 18, 2013