Analyst at Wells Fargo downgrades Apple stock
Apple’s shares have been downgraded by an analyst at Well Fargo. Wells Fargo analyst Maynard Um issued the downgrade on Tuesday. Um set the company’s shares to “Market Perform” from “Outperform.” Um’s 12-month prediction for Apple’s shares are set to between $536 and $581. Apple is currently trading at around $553.
Um said that Apple could face several major issues in 2014 that could negatively affect their share price. This may include a declining profit of each iPhone 6, limited market opportunities in their competitive landscape, and that the power will side more with carriers this year instead of handset manufacturers. Um believes that Apple will still do very well with the launch of the iPhone 6 and that the introduction of a smartwatch could lead to additional revenues.