Apple Gets New Bear Call as Fundamentals ‘Can’t Support’ Rally

(Bloomberg) — Apple Inc. was started with an underperform rating at Wolfe Research, with the firm expressing a cautious view over the iPhone maker’s prospects just days before it is scheduled to report its third-quarter results.“We do not expect a 5G supercycle, argue against an independent services valuation, and do not consider Apple a stronger company on the other side of the pandemic,” wrote analyst Jeff Kvaal, who issued a $315 price target on the stock.Shares of Apple fell as much as 4% on Friday, although it pared much of that decline and last traded down 0.8%. The stock has …read more

Source:: Yahoo Finance