updated 11:20 am EDT, Tue September 30, 2008
Credit Suiise lowers AAPL
Analyst Steven Soranno of Credit Suisse has joined other firms in devaluing Apple stock, reports say. Soranno comments that while Apple has a solid base with good products, the company cannot help but be affected by the overall economy, which is plagued by failing banks and limited credit. In spite of Credit posting a $200 target last month, Soranno says he is now lowering this figure to $160, though the stock is still qualified as a "buy" for investors.
The stock's "stop loss" limit has also been lowered considerably, from $130 to $82. Although the real value of the stock approached $200 as recently as May of this year, it is now sitting at approximately $110 as of press time. This in fact represents a slight rise over Monday's figures, which saw a sharp drop on the heels of warnings from RBC Capital and Morgan Stanley. Piper Jaffray challenged these views, insisting that they ignore the long term.