Analysts at Robert W. Baird reported that they have downgraded tech giant, Apple Inc. (AAPL) to “Neutral” on Monday.
The firm has lowered their rating on Apple from “Outperform” to “Neutral,” and has lowered its price target from $570 to $465. This price target suggests a 5% increase from the stock’s current price of $441.05.
Analysts are now expecting the company’s second quarter revenue to decline by -4.9% from last year. The firm views the company’s margins as a potential problem for AAPL, and the demand outside the U.S and China to be “disappointing.”
This downgrade was caused by AAPL’s recent release of their first quarter earnings, which concerned investors and analysts.
Apple shares were mostly flat during premarket trading Monday. The stock has declined -1.6% in the past year.
The Bottom Line
Shares of Apple currently offer a 2.41% dividend yield, based on Friday’s closing price of $439.88.
Apple Inc(AAPL) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.