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Downgrade Alert for Apple (AAPL)

By James Quinn

Apple (NASDAQ:AAPL) was downgraded from Conviction Buy to Buy at Goldman Sachs today. The stock closed yesterday at $97.82 on volume of 113.7 million shares, above average daily volume of 32.3 million.

Potential upside of 50.2% exists for Apple, based on a current level of $97.82 and analysts' average consensus price target of $146.95. The stock should run into initial resistance at its 50-day moving average (MA) of $104.31 and subsequent resistance at its 200-day MA of $109.79.

Apple share prices have moved between a 52-week high of $134.54 and a 52-week low of $92.00 and closed yesterday at 6% above that low price at $97.82 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.4%.

Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers.

SmarTrend is monitoring the recent change of momentum in Apple. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Apple in search of a potential trend change.

Keywords: analyst upgrades/downgrades Apple

Ticker(s): AAPL