Apple shares were stung by a broker downgrade for a second straight week on Monday, sending the stock lower in premarket trading, and on the heels of a sharp selloff in the tech sector in the prior session.
Mizuho Securities cut its rating on the iPhone maker to “neutral” from “buy” and reduced its price target to $150 from $160 per share.
“The stock has meaningfully outperformed on a year-to-date basis and we believe enthusiasm around the upcoming product cycle is fully captured at current levels, with limited upside to estimates from here on out, ” said analyst Abhet Lamba.
Last week, Pacific Crest Securities lowered its rating on the stock to “sector weight.
