Back on Sept. 19, when the stock reached the closing high, a consensus of 63 analysts on Bloomberg had a target price of $777.67 for the next 12 months. On the eve of the first-quarter earnings call last week, that target had tumbled to $640.85.
Since that call, the target price has fallen further, to $621.76. And some are worried that's not low enough.
In a note to investors on Monday, Will Power, equity analyst at R.W. Baird, downgraded the stock from "outperform" to "neutral." He lowered his target price from $570 to $465.
"We are increasingly wary of several near-term risks, particularly consensus estimates that we believe remain frustratingly too high," Power wrote. "With estimates likely to fall further and gross margin concerns likely to linger, we believe the shares could drop further, despite the sharp sell-off and valuation."
and here are the Motley Fools to come up every other minute "BUY DON'T BUY SELL DON'T SELL BUT IF YOU WANT TO HOLD SELL IF YOU WANT TO BUY SELL ... MAKE SURE YOU MAKE YOUR DECISION "
There's no doubt that Apple is at the center of technology's largest revolution ever, and that longtime shareholders HAVE BEEN handsomely rewarded with over 1,000% gains. HOWEVER, there is a debate raging as to whether Apple remains a buy. The Motley Fool's senior technology analyst and managing bureau chief, Eric Bleeker, is prepared to fill you in on both reasons to buy and reasons to sell Apple, and what opportunities are
left for the company (and your portfolio) going forward. To get instant access to his latest thinking on Apple, simply click here now.