http://www.macnn.com/articles/03/09/15/smith.barney/
Smith Barney cuts Apple rating to 'sell'
updated 04:15 pm EDT, Mon September 15, 2003
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Smith Barney analyst Rich Gardner recent share price strength is prompting him to move ("sell") from the old systems middle rating ("in-line"): "Gardner noted that the new system eliminates industry ratings and reflect risk-adjusted total expected return, and therefore the ratings no longer reflect expectations of performance relative to a company's peers." Gardner also cut HP and Seagate ratings.
Fresh-Faced Recruit
Joined: Jul 2001
Buy on the rumor...
...sell on the news.
Are these guys only thinking short-term? Look at the 3 mo and 1 year charts. AAPL has shown a reasonable upward trend since the big drop in early 2002.