Morgan Stanley Downgrade Pushes Apple Shares Lower
When it rains, it pours. Apple shares took a battering Monday as two more financial analysts downgraded the company amid mounting worries how spending cuts will hurt the Cupertino, Calif. company.
Morgan Stanley analyst Kathryn Hubert slashed her target price for Apple stock to $115 from $178, sending shares down 14 percent to $110 by noon.
Hubert also downgraded the company to “equal-weight from “overweight.”
“Even in the best of scenarios Apple’s EPS growth will decelerate meaningfully from June quarter levels,” Hubert wrote.
Earlier in the day, RBC Capital Markets analyst Mike Abramsky cut the target price of Apple stock to $140 from $200 and downgraded the stock to “sector perform,” a move that also sent the stock lower.
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Like Hubert, Abramsky pointed to slowing consumer sales.
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