Atlantic Equities downgraded Apple to underweight and said the 5G cycle and Services and Wearables business could be a headwind for the stock.
Atlantic Equities downgraded Apple on Tuesday, saying the run-up in the shares was mainly due to the much anticipated 5G cycle, but were now fully valued.
The firm lowered its rating to underweight from neutral while raising its price target to $275 from $235. "We believe upside potential from the 5G cycle is now more than fully priced in," Atlantic Equities analyst James Cordwell said. Shares of the company have increased more than 7% so far this year and are up over 111% over the last year. The"The stock's 50% relative outperformance over the last 12 months has been driven entirely by multiple expansion," the analyst said.
Apple shares fell slightly on Tuesday in the wake of the Atlantic call. There are only 7 analysts with a sell or underweight rating on the stock, according to FactSet. Meanwhile, 25 give the hot stock a buy rating and 11 say hold.
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