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AAPL Stock: 100.96 ( -0.83 )

Printed from http://www.macnn.com

AAPL hits $61 target, downgraded to \'hold\'

updated 11:40 am EST, Mon November 7, 2005

AAPL downgraded to \'hold\'

today downgraded Apple's stock, saying that the stock price had hit the analyst firm's target of $61. Having doubled its target over the past year, analyst Charles Needham downgraded Apple stock from a 'buy' to a 'hold': "During the past year, in response to the introduction of breakthrough new iPods and Macs and outstanding financial results, we've doubled our price target. Increases in the share price followed closely behind. The risk in our downgrade is that the frenetic pace of innovation at Apple could present new opportunities, which could trigger an upgrade at a price that's much higher than it is today." The company said that a higher-than-estimated Windows migration rate could also lead to continued strength in the stock and continued increases in the stock price. In addition, Needham noted the continued success of Apple's retail stores, with over 50 million people visiting the 124 retails stores.

"Weekly visitors per store were up 46% in fiscal 2005, while same-store sales grew 45%. Reflecting the accelerating migration of Windows users to the Mac platform, Macintosh sales in the stores registered a 45% sequential increase in September."




by MacNN Staff

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Comments

  1. Philip J. Fry

    Joined: Dec 1969

    0

    Hmmm...

    So because it hit the mark, downgrade the stock?

  1. eldarkus

    Joined: Dec 1969

    0

    makes sense...

    While they are downgrading to hold, they are not saying sell. This is actually pretty positive from an investment firm. They are saying to hold and see what else is in the pipeline. They see huge potential, but arent willing to upgrade the stock until Apple releases more stuff.

    I'm waiting for another split.. :) any investment geeks think this is gonna happen soon?

  1. jarod

    Joined: Dec 1969

    0

    Hold?

    Hold?? Those morons can hold onto their balls! Apple stock is a strong buy. With everything we see now, I bet anything that is only the BEGINNING of many things to come. Im positive Apple has a crazy things in the pipeline that are going to make serious changes and improvements in the next decade and beyond.

  1. owenink

    Joined: Dec 1969

    0

    Hold = Sell

    In analyst speak, hold equals sell. It is extremely rare that a firm will ever issue an outright "sell" on a stock.

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