Barclays downgrades Apple stock rating

“Apple Inc. (AAPL) was downgraded by Barclays from an Overweight to Equalweight rating on Feb 20 and had maintained its price target at $570,” Athena Yenko reports for International Business Times.

“Ben Reitzes, analyst at Barclays, said that Apple’s iWatch and HDTV’s were not going to be catalyst for the stock to overcome its unimpressive performance at present or over the next year or so. He said that these products were not ‘revolutionary’ and will not boost Apple Inc.’s shares anytime soon,” Yenko reports. “‘Frankly, we just couldn’t quite bring ourselves to use smart watches or TVs as reasons to raise numbers – nor were we fully convinced that these products could move the needle like new categories did in the old days,’ Reitzes wrote on an investors’ note on Thursday.”

Yenko reports, “Reitzes was admittedly an iPhone user and very excited about Apple’s product offerings in the future – mobile payments, geolocation and wearable devices. However, in an investor’s point of view, he said that he did not believe that there can still be innovative products like the iPhone or iPad that Apple can come up in the future.”

Read more in the full article here.

MacDailyNews Take: We believe that Apple’s iWatch and iTV will be revolutionary and each will reduce the world to slack-jawed shock and awe, boost Apple’s numbers into the stratosphere, move all kinds of needles, and blahtie frickin blah.

Our flow of bullshit emanates from the orifice below the same unicorn’s nonexistent crystal balls as Ben Reitzes’ and is equally as valid – if not more valid (since we actually understand how Apple works) – than his.

iCal’ed for future use.

24 Comments

  1. Analysts are obsessed about theoretical growth and new hardware, yet seem to completely ignore solid, growing and sustained profits from improvements to the existing hardware. The iPhone has been a best seller since it first appeared and is going from strength to strength.

    Furthermore the analysts are blind to the profits to be made from services. Apple already generates a massive profit from iTunes and it looks ready to eclipse that with a payments system.

  2. Why are we reading about Barclay’s latest AAPL bungles twice in two days here at MDN? It was crap news to begin with. So we have to have it HAMMERED into our heads for some reason?

    Again: Barclays, please put your own corrupt house of ill repute in order before you attempt to impose your stupidity and bad attitude on Apple. Thank you.

  3. Anyone who believes someone that works for the useless crowd that is Barclays is an even bigger idiot than they are.
    I wouldn’t trust a Barclays employee to successfully run a piss-up in a brewery, having seen at first-hand how they manage their banking here in the UK.
    Not that any of the UK banks have covered themselves in glory over the past few years.

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