The following is an excerpt from Emily Bary | June 12, 2017 | Barrons.com |
The iPhone 8 launch is still months away, but investors have spent the last six months celebrating the launch. Now, with Apple shares up 24% so far this year, one analyst sees little room for the company to surpass Wall Street’s already high expectations.
Mizuho’s Abhay Lamba downgraded Apple shares to Neutral from Buy on Sunday. “There is potentially some risk associated with estimates, as expectations might have gotten ahead of reality,” he wrote in a note to clients. “In our view, enthusiasm around the new product is largely baked into the stock at current levels.” Lamba notes that in the past, investors have sold Apple stock once the company delivered the news Wall Street was expecting.
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