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Downgrade Alert for Apple (AAPL)

By Nick Russo

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

Apple (NASDAQ:AAPL) has potential upside of 50.2% based on a current price of $97.82 and analysts' 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 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.

In the past 52 weeks, Apple share prices have been bracketed by a low of $92.00 and a high of $134.54 and closed yesterday at $97.82, 6% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.4%.

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