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Downgrade Alert for Apple (AAPL)

By Nick Russo

Apple (NASDAQ:AAPL) was downgraded from Hold to Sell at BGC Financial today. The stock closed yesterday at $97.34 on volume of 40.3 million shares, above average daily volume of 39.5 million.

In the past 52 weeks, Apple share prices have been bracketed by a low of $89.47 and a high of $132.97 and closed yesterday at $97.34, 9% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has remained constant.

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.

There is potential upside of 51.0% for shares of Apple based on a current price of $97.34 and an average consensus analyst price target of $146.95. Apple shares should first meet resistance at the 50-day moving average (MA) of $104.04 and find additional resistance at the 200-day MA of $108.75.

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