REPORT: Apple stock downgraded by HSBC, here is why…
As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by CNBC:
Apple shares fell Tuesday after HSBC downgraded the stock, citing too much dependence on a single product and slowing emerging markets economies.
HSBC downgraded Apple to hold from buy and cut its 12-month price target to $200 from $205. Apple shares fell 1.9 percent in premarket trading Tuesday, trading above $181 a share, adding to an 18 percent decline already for this quarter.
The article goes on to state the following:
The note from the HSBC analysts said: “Apple’s iconic hardware unit growth is broadly over for now. Revenues are only supported by higher selling prices and by the development of services. Flat unit growth has hit Apple’s share price and incidentally its key suppliers. What has made the success of Apple, a concentrated portfolio of highly desirable (and pricy) products is now facing the reality of market saturation.”
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