AAPL down 4 percent on stock downgrade
updated 05:40 pm EST, Fri December 3, 2004
AAPL down 4 percent
Apple on the stock to "hold," saying much of the potential upside to the company's business is reflected in the current stock price, according to Reuters. "For valuation reasons, we're downgrading Apple from Buy to Hold," analyst Charles Wolf wrote in a note to clients. "With the stock now trading close to" $70, he wrote, "we believe that most of the upside is now captured in Apple's current share price." The article notes that Apple shares have more than tripled in value this year, but fell $2.63, or 4 percent, to $62.58 and that the stock is down 8.4 percent from Nov. 29's $68.44, the shares' highest level since March 2000.
