Bear Stearns downgrades AAPL; shares hit target price
updated 11:45 am EDT, Thu September 9, 2004
AAPL downgrade
Bear Stearns Thursday , saying the stock has already reached the target price target set by the firm's analysts. The research firm changed the rating on Apple from "peer perform" from "outperform," as the shares hit $36.50, saying that there is a "lack of compelling upside" headed toward next year: "Our view is that the valuation already reflects multiple product catalysts and potential for strong December quarter results given Apple's seasonal strength in consumer and leverage from several synchronized product cycles."
