Analyst Downgrade Tempers Apple’s Market Enthusiasm

Apple shares have encountered a bumpy start to the new trading year. The stock, now trading near $262, has declined approximately 1.8% since the week’s opening. This pullback follows a significant rating change from the investment firm Raymond James, which has shifted its stance on the tech giant’s equity.

On Tuesday, analysts at Raymond James moved their rating for Apple from “Outperform” to “Market Perform.” The central thesis behind this adjustment is a belief that the stock’s valuation has become stretched. With a price-to-earnings (P/E) ratio hovering around 35, the research team argues that shares are already ambitiously priced. They suggest that anticipated catalysts, including the upcoming iPhone 17 cycle and the Read more...