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Downgrade Alert for Apple (AAPL)

By Amy Schwartz

Apple (NASDAQ:AAPL) was downgraded from Outperform to Market Perform at Wells Fargo today. The stock closed yesterday at $105.52 on volume of 52.6 million shares, above average daily volume of 39.5 million.

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.

Apple (NASDAQ:AAPL) has potential upside of 39.3% based on a current price of $105.52 and analysts' consensus price target of $146.95. Apple shares should encounter resistance at the 200-day moving average (MA) of $108.75 and support at the 50-day MA of $104.04.

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 $105.52, 18% 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.

SmarTrend recommended that subscribers consider buying shares of Apple on July 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $100.10. Since that recommendation, shares of Apple have risen 8.3%. We continue to monitor AAPL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Apple

Ticker(s): AAPL