Apple Inc. (AAPL) shares continued to falling today after last night’s earnings report, and analysts are lining up to cut their price target on the stock. Topeka Capital’s Brian White previously had his target set at $1,111 per share, but even he has reduced that number to $888 per share. Analysts from Sterne Agee, Evercore Partners Nomura and ABG Sundal Collier also share their new price targets, which range from $715 per share to $400 per share.
Apple Inc. (NASDAQ:AAPL)’s stock has certainly seen brighter days, and not that long ago. Now even Topeka Capital’s Brian White has cut his price target on the stock. He’s one of the most bullish analysts when it comes to Apple’s shares.
White originally had a price target for the stock at $1,111 per share, but now he’s reduced it to a mere $888 per share. However White hasn’t given up on the stock yet; he has maintained his Buy rating on the stock.
White’s not the only one lowering his price target for shares of Apple Inc. (NASDAQ:AAPL) on the heels of the company’s latest earnings report. Sterne Agee’s Shaw Wu also lowered his price target to $715 from $840 per share, saying that he doesn’t think Apple’s growth is over, “but shares will likely languish until confidence is restored.” Wu has also given shares of Apple a Buy rating.
Meanwhile analysts at Evercore Partners also cut their price target to $675 per share from $750 per share. They maintained their Overweight rating on the stock and say that Apple Inc. (NASDAQ:AAPL) is “slowing but certainly still growing.” In order for the stock to start working again, they believe it should show the strength of its product pipeline.
Nomura analysts also hopped on the cutting bandwagon, reducing their target price to $490 from $530 per share. They remain Neutral on the stock, saying that the company’s “financial performance is still exceptional, but the scope for material earnings upside appears to have gone.” They say in order for Apple Inc. (NASDAQ:AAPL) to get going again, it needs to launch more products although it doesn’t look like much coming out until June.
Analysts at ABG Sundal Collier also lowered their price target on shares of Apple, although they have taken a much more bearish view than most other analysts. They have reiterated their Sell rating and $400 price target on the stock.
The analysts said Apple Inc. (NASDAQ:AAPL) surpassed its three-month guidance, “it failed to allay mounting fears amplified in recent weeks by signs of sharply weakening iPhone demand.” They believe Apple should now focus on preservation rather than expansion and that its earnings per share trajectory will be reversing its course. ABG analysts blame Apple’s troubles on smartphone competition and affordability of its products.
Shares of Apple Inc. (NASDAQ:AAPL) have lost more than $60 or 12 percent of their value since the markets opened today.