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Apple's Stock Price Dips Ahead of WWDC as Analyst Issues Rare Downgrade
Apple shares are trading around 1 percent lower today, just ahead of WWDC 2017, after one analyst issued a rare downgrade of the stock."We are downgrading AAPL to Sector Weight and recommend investors reduce position sizes," said Andy Hargreaves, equity research analyst at Pacific Crest Securities, in a note to clients. "We believe AAPL anticipates strong performance in the iPhone 8 cycle, while providing relatively little weight to risks through the cycle or the potential for iPhone sales to decline in fiscal 2019."Wall Street remains largely upbeat about Apple's stock heading into the second half of this year, as investors anticipate the so-called "iPhone 8" to be a hit among customers, but Hargreaves believes the stock has limited upside, as he said hype surrounding the hotly-anticipated device appears to be "priced in."
Hargreaves anticipates the upside of the iPhone 8 to be offset by key risks, including the "potential for gross margin pressure, diminishing value of the mobile operating system, and the likelihood for declines in iPhone unit sales beyond the iPhone 8 cycle due to market saturation and elongating."
Hargreaves also believes iPhone sales will likely resume declining in 2019, as the iPhone 8 will result in above-average sales in 2018 that are unlikely to be matched once Apple returns to a normalized upgrade rate, similar to what happened after pent-up demand for the larger-screened iPhone 6 started to fade.
AAPL was trading at $153.85 at the time of publication, after opening at $154.34, but remains only slightly off its all-time high.
Related Roundup: WWDC 2019
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23 months ago
The dongles are here to stay - as Apple shoots itself!
Other than Intel updates (and may be AMD), nothing to see for the person who bought a computer in 2015!
You must have missed how important the changes are in macOS. Instant copy and duplication is going to impossible to live without.
iOS 11 on the iPad is a massive change and finally brings desktop level computing experience to the tablet.
23 months ago
Wow that iMac Pro. Guess Apple really cares about the Mac after all huh guys? I never doubted.
23 months ago
Shouldn't somebody here be bragging about how much money they've made on apple stock by now? :D
23 months ago
Numbnuts from Wall Street always try to manipulate the price or make some noise at some point.
23 months ago
I think unlike prior years people have some high expectations of seeing specific hardware announcements.
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