updated 09:05 am EST, Tue February 14, 2006
Standard & Poor's Equity Research analyst Megan Graham-Hackett today said she downgraded shares of Apple's rival Creative Technology. Graham-Hackett lowered Creative's rating to "sell" from "hold" citing increased competition from Apple in the MP3 player market, according to Forbes. "The analyst sees Creative Technology facing a 'challenging' March quarter due to Apple's product introductions in the lower-end MP3 market. She said Apple has broadened its MP3 product portfolio, 'thereby increasing the competitive dynamics, in our opinion.'" The firm lowered the price target from $8 to $7, based on revised price-to-sales analysis, according to the report.