From Carmen Reinicke's "Bank of America downgrades Apple, says weak consumer will cause stock’s outperformance to end" ($) posted Thursday on CNBC Pro:
Apple got a rare downgrade Thursday, with Bank of America lowering its rating on the tech giant to neutral from buy, citing incremental risks to the company’s earnings going forward.
The bank also slashed its price target on the stock to $160 per share, implying upside of about 7%. Bank of America’s old target of $185 pointed to a more than 23% gain.
Apple shares slipped nearly 3% in premarket trading following the note.
“Shares have outperformed significantly YTD ... and have been perceived as a relative safe haven,” Wamsi Mohan wrote in a Thursday note. “However, we see risk to this outperformance over the next year, as we expect material negative est. revisions driven by weaker consumer demand.”
Downgrades to Neutral from Buy. Cuts target to $160 from $185.
My take: Trying to get my hands on the note.