Wells Fargo Analysts Downgrade Apple Stock

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Concerns on the declining profit for each sale of the iPhone 6 has resulted in analysts’ decision to downgrade Apple stock.

Wells Fargo analyst, Maynard Um notes that Apple gains less from customer spending than it does from its dominant position in the market. With limited market opportunities and a reduction in the competitive landscape, it is likely that Apple stock will take a significant hit.

Um’s evaluation of the stock remains at between $536 and $581. After mulling over the company’s financial details he has issued a downgrade from “Outperform” to “Market Perform”. Apple stock is still a favorite in the market with 53 analysts tagging it as “Buy”. Some analysts are however not so bullish and suggest that the company is set to experience slow growth due to market pressure.

Currently Apple trades at $553 per share.

Images: Cult of Mac

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