“Apple Inc. shares were marked modestly lower in premarket trading Wednesday following a downgrade from Longbow Research on concerns over the depth of demand for its flagship iPhone X,” Martin Baccardax reports for TheStreet.
“Longbow analyst Shawn Harrison said the anniversary edition of the iPhone, which has a list price of $999, has seen ‘lukewarm’ reception from customers and called the current cycle of overall iPhone sales ‘good, not great,'” Baccardax reports. “Harrison also clipped his earnings per share estimate for the world’s biggest tech company by 29 cents to $11.25 and pegged his fiscal year shipment forecast at 233 million units. Longbow’s rating on the stock was reduced to ‘neutral’ from ‘buy.'”
Baccardax reports, “Apple slipped 0.27% in premarket trading in New York, indicating an opening bell price of $175.72 each, a move that would trim its three-month gain to just under 10%.”
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MacDailyNews Take: We’ve covered Apple extensively for well over 15 years. A search of our database of over 62,000 articles covering Apple Inc. for “Shawn Harrison” yields zero (0) results.
If you want to base your stock buying and selling on a no-name analyst, perhaps you should just burn your money instead. At least you’d get a brief bit of light and heat from it as opposed to nothing at all.
If Mr. No-name can somehow manage to knock shares down a tad, thanks for the pre-blowout earnings AAPL sale!