Apple Inc. (NASDAQ: AAPL) has been a success story that few in history have repeated. But the best growth days have been seen, or at least that is what two analyst reports are pointing toward today with large brokerage firms cutting their targets on Steve Jobs & Co.
RBC Capital Markets has trimmed its price target to $175 from $200, although it has maintained its "Outperform" rating. What is interesting here is that RBC has been active in its target changes on the much loved company. We looked back at a matrix of calls here and saw that RBC trimmed its target to $200 from $215 at the end of January, and that was after raising that same target in early December.
Banc of America Securities took its old $180 price target down to $160 today, although they maintained their official "Buy" rating on the stock. Banc of America lowered estimates on new iPod sales for 2008 by about 5%, cut iPhone targets, and lowered the fiscal 2008 targets down to $5.01 EPS (was $5.05).
Apple shares are down some 3.5% at $120.60 in early afternoon trading. Since the first of 208, Apple shares have traded as low as $115.44 on February 26. It closed out 2007 at a price of $198.08.
Jon C. Ogg
March 3, 2008
Top Gaining Stocks
Top Losing Stocks