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AAPL Stock: 105.22 ( + 0.39 )

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Needham downgrades Apple stock on economy, progress

updated 04:05 pm EST, Tue November 17, 2009

Price target holds at $235

Needham & Co. analyst Charlie Wolf has issued a slight downgrade to Apple stock, dropping his rating from "Strong Buy" to simply "Buy." Apple's share price has grown less than 15 percent over a recent $200 price target, he notes, meeting "admittedly arbitrary" criteria for a lower valuation. Also bearing blame is said to be the economy, which remains in recession and may be the ultimate arbiter of whether Apple makes any gains during the holiday season.

Wolf comments, however, that Apple is expected to meet or surpass a first-quarter EPS prediction of $1.77. The company's last quarterly results moreover exceeded Needham valuation models, for which no revision is set to happen until January. Wolf is holding on to a current price target of $235.




by MacNN Staff

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Comments

  1. b9robot

    Joined: Dec 1969

    +8

    Wolf is an idiot!

    Apple has consistently beat the street all through this down turn. Apple is the strongest company in the tech business. Apple has the best products and his down grade is totally baseless. This a maneuver to try and lower the price so he can buy more shares later.

  1. iphonerulez

    Joined: Dec 1969

    +6

    Are the analysts already starting to

    downgrade Apple as the company heads into its strongest season? I would figure they would at least wait until the holiday season ended before trying to scare off investors. No matter what Apple does, it ends up running into a constant headwind of know-it-all analysts. I'm just glad they didn't downgrade it into a sell. Apple opened three stores over the weekend. I sort of figured that act would help them sell more Apple products and not less. No matter. Apple has done very well this year and will likely get to $210 before year's end despite analyst negativity.

  1. Eldernorm

    Joined: Dec 1969

    +5

    What a real moron!!

    " analyst Charlie Wolf has issued a slight downgrade to Apple stock, dropping his rating from "Strong Buy" to simply "Buy." Apple's share price has grown less than 15 percent over a recent $200 price target, he notes, meeting "admittedly arbitrary""

    analyst, or just dumb writer who is trying to see what impact he can make in the market by making "admittedly arbitrary" and totally stupid comments. :-(

    Apple is walking away from every other similar company and unless they hit 250 they are failing, and if they do hit 250 and not 300 then they are failing......

    dumb charlie, just dumb.

    Just a thought,
    en

  1. malax

    Joined: Dec 1969

    +2

    Wrong

    I read the real article on some other site last night. The characterization here is wrong.

    It's not that Apple's price "has grown less than 15 percent over a recent $200 price target" is it just that since the Apple price has aleady gone up, there is less than 15% between it's current price and their target price. The firm has ("an admittedly arbitrary") rule that they only give "Strong Buys" to stocks that are at least 15% below the target. The analyst is still bullish on Apple, they just weren't ready to bump the target price over $235 at this time.

  1. testudo

    Joined: Dec 1969

    -2

    Geesh

    The idiots are those on this forum, apparently. I guess if you don't rate Apple "The bestest ever company God gave to the people on the earth", they're downgrading apple and be torn to threads.

    I'm sorry, where did he say "Sell Apple!"? Oh, he didn't. He 'downgraded' them from 'Strong Buy' to 'Buy'. Last I looked, that still meant "I think Apple is worth putting money into".

    Oh, right, not on MacNN. Here it means "I piss on Apple, Steve Jobs, and all people who ever used any one of their products!".

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