Apple stock downgraded by Wells Fargo to “Market Perform.”
Wells Fargo has downgraded Apple stock from Outperform to Market Perform. Market Perform is a neutral assessment of a stock and is used when the expectation for a given stock is that it will provide returns in line with those of the S&P 500. This downgrade of stock class will create some issues for Apple in 2014. A couple of issues that will likely effect the stock price of Apple include a new iPhone release (historically in the fall) and limited market opportunities in the competitive landscape.
Wells Fargo analyst, Maynard Um, holds a 12-month prediction on Apple’s share of $536 to $581. Um feels that even though the stock has been downgraded that Apple will still have a solid year with the anticipated iPhone 6 and possibily the long-awaited iWatch release. Apple is currently trading at $553.