As the company with the largest market value in the world, Apple has always been the focus of investment banking and institutional research. The ratings given are often held or bought. Reports of downgrades are very rare. A research report on Tuesday attracted everyone's attention. Nomura Instinet, a Wall Street investment bank, downgraded Apple's stock rating to “neutral†from “buy†because the iPhone cycle, which promoted Apple’s rising stock price, is drawing to a close.
The investment bank analyst Jeffrey Kvaal wrote in the investor’s report: “We believe that the benefits of the iPhone X super cycle to the stock have been gradually realized. If the average price does not rise but only sales increase, this early It is already a market consensus."
After the report was released, Apple shares once fell 1.1% after the opening bell on Tuesday.
As one of the best-performing large-cap stocks this year, as of Monday, Apple has risen 52%, and the S&P 500 index has only risen 20% in the same period.
Kwal pointed out, "At present, the price-earnings ratio of Apple is 15 times. During the iPhone 6 cycle, the price-earnings ratio of Apple fell from a maximum of 15 times to 9 times. In the further iPhone 5 cycle, the price-earnings ratio of Apple experienced a decrease from 13 times to 8 times. The process, therefore, lowered the company's target price range to $175-185."
As one of the most popular stocks in the U.S. stocks, it is seldom to see reports on Apple's rating downgrade. Last published on June 11 this year, Nomura Securities announced Apple's rating, since then Apple has risen by 18%. Of the 38 FattiSet analysts who tracked Apple, 31 gave a Buy rating and the rest gave a hold rating. No one suggested selling.
Apple has not commented on the report.
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