Apple drops below $100 as Pacific Crest Securities advises selling shares now

“A Wall Street analyst is telling investors to sell shares of Apple Inc. one week ahead of the company’s expected unveiling of its latest iPhone, saying a downgrade is likely unless the company massively exceeds expectations at the event,” Steven Russolillo reports for The Wall Street Journal.

“‘We recommend taking profits in Apple,’ said Andy Hargreaves, an analyst at Pacific Crest Securities with an outperform rating and $100 price target on Apple. ‘Unless next week’s event details massive incremental profit opportunities, we are likely to downgrade Apple’s rating,'” Russolillo reports. “Shares slumped as much as 3.3% on Tuesday and fell below $100 for the first time since Aug. 20.”

“Still, Mr. Hargreaves caveats himself by saying investors should still hold some Apple shares through next week’s event,” Russolillo reports. “In conjunction with new iPhones, Apple is expected to show a wearable device that many have been calling an iWatch. It could also launch a new payment partnership, according to Mr. Hargreaves.”

Read more in the full article here.

37 Comments

    1. This is just more M A N I P U L A T I O N . You can bet there’s a gang of investors demanding that the price of AAPL fall before they’ll chuck their money at it, making suckers of the people who sell. The con games never end.

  1. When are they going to stop these stock manipulators? I freaking here these guys – they will drive it down then buy a bunch to ride back up – really sucks for us longterm investors.

  2. I agree that this is an intentional manipulation of naive investors. A sell recommendation right before an announcement is intended to dampen any upward price move as their clients buy. (The recommendation to clients who pay for advice and those who get it for free can be the reverse; remember, even Goldman Sax has been known to bet against the very advice they gave their clients.

  3. What kind of investor fire sales because some talking head spews his opinion online? Do these idiots really think this is the high water mark for the world’s greatest tech. company?

    …and I’m sure Pacific Crest has no financial interest in the sell off, right?

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