Apple received its first downgrade in nearly six months from Wall Street after an analyst doubted wireless carriers will keep offering giant iPhone subsidies, hurting profit margins for the tech juggernaut and world’s largest company.
It was only a matter of time.
Brian White of Topeka Capital Markets placed a $1,001 price target on shares of Apple, becoming the first analyst on Wall Street to break the $1,000 forecast barrier on the tech juggernaut.
Apple shares kept plowing higher, briefly hitting the $600 barrier just a month after crashing through $500.
One out of five hedge funds count Apple among their ten largest holdings, according to a Goldman Sachs survey of the industry.
Photo: Flickr: ping ping
Apple surged past Exxon Mobil as the world’s biggest company—and many investors believe it’s still cheap.
Photo: Hulton Archive | Getty Images