Goldman Sachs downgrades Apple to “Sell”, shares of AAPL stock plummet


Since its correction low, the Apple (NASDAQ:AAPL) share has conjured up a brilliant rally on the floor and has increased by over 27 percent. The recovery rally was recently fueled by positive news surrounding the recovery of the Chinese sales market. But now the first pessimistic voices are coming.

The US investment bank Goldman Sachs downgraded Apple from “neutral” to “sell” and lowered its price target from $ 250 to $ 233. The effects of the corona crisis on the general economy and some end markets of technology companies are significant, analyst Rod Hall wrote on Friday. He reduced the forecast for iPhones sold in the coming year by seven percent.

Other analysts are bullish

The US bank JPMorgan has left Apple’s rating “Overweight” with a target price of $ 335. This would correspond to an increase of almost 18 percent and would lift the iPhone manufacturer’s share to a new record high. The major Swiss bank UBS also left Apple’s Buy rating with a price target of $ 290. Both JPMorgan analyst Samik Chatterjee and UBS analyst Timothy Arcuri based their bullish assessment on the recovery in the Chinese sales market.

What the future holds for AAPL?

Since the beginning of the corona crisis, Apple’s share has lost around 32 percent. Some experts and market observers said the share had even more downside potential. But the bulls were not put off by the skeptical voices and helped AAPL stock price to dynamically catch up. The stock is currently trading at $ 281.69, just 17 percent below its record high. Now it is time to overcome the resistance at $ 287.65 and the $ 300 mark to target the record high of $ 327.20.