“Deutsche Bank downgraded Apple (AAPL) from Buy to Hold with a price target of $102 (from $105),” StreetInsider reports. “Analyst Sherri Scribner doesn’t think the company has many surprises left, and as a result she thinks the stock will trade range bound.”
“‘The company has now announced all of its anticipated new products, creating limited catalysts for the shares through year-end. With expectations already reflecting strong iPhone sales and limited catalysts this year, we expect shares to be range bound and are downgrading Apple to a Hold,’ said Scribner,” StreetInsider reports. “‘Through year-end, we may get a modest refresh to the iPad or to Macs, but we do not expect another significant product introduction on par with the September event to happen this year. While we believe Apple Watch has the potential to be a significant product, the product will not be available until 2015. Given the lack of major new products, we see limited catalysts to the shares through year-end,’ she added.”
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“Deutsche Bank’s view is that Apple likely has few surprises left,” 24/7 Wall St. writes. “The real opinion is not one of panic but one that the stock is likely to remain range bound after being up 25% so far this year.”
“One spot that might be of concern is high expectations for the iPhone 6. The firm simply thinks the positive catalysts are priced into the stock,” 24/7 Wall St. writes. “Stay tuned to this stock story for Friday. This particular analyst call itself is not big, not unless it leads other analysts into downgrading Apple as well. We will have to see if there is any psychological damage after Friday morning’s unemployment report.”
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MacDailyNews Take: Here we go.