Apple will face a ‘fundamental deterioration’ lasting into 2020, according to one bearish analyst's prediction:
That’s according to Rosenblatt Securities analyst Jun Zhang, who downgraded Apple’s stock AAPL, -2.06% to a rare sell rating from neutral on Monday, citing concerns about the recent rally in the shares and the potential for a lackluster iPhone launch season later this fall.
“We do not think Apple is a short ; however, we believe Apple will face fundamental deterioration over the next six to 12 months,” he wrote. Apple shares fell 2.1% Monday to pace the Dow Jones Industrial Average’s decliners, but have still outperformed the Dow DJIA, -0.43% by a wide margin this year.Zhang called Apple’s iPhone XS “one of the worst selling iPhone models in the history of Apple” as the company struggles to generate buzz for its middle-priced iPhone in its relatively new three-phone strategy.
Analyst sentiment toward Apple is generally bullish. Of the 42 analysts tracked by FactSet who cover Apple’s stock, just three have sell ratings, while 21 rate the stock a buy and 18 rate it a hold. The average price target is $210.87, 5.6% above current levels.Apple shares are up 27% so far this year, as the Dow has risen 15%.We Want to Hear from You Join the conversation
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