UBS Downgrades Apple Stock
“[W]hile shares of Apple typically outperform the market in the months leading to an iPhone launch, subsequent to the launch, shares have historically underperformed the market,” Vogt wrote.
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The stock is trading at 29 times his estimates for earnings per share over the next 12 months, and it trades at 1.5 standard deviations about its trailing one-year mean, he said. “We think Apple shares already reflect the growth from the ‘5G cycle,’” Vogt wrote.
Vogt raised his price target on Apple’s stock to $115 from $106 in conjunction with the downgrade.
Via: Marketwatch
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