“We Are Disappointed” – Goldman Removes Apple From “Conviction Buy” List, Cuts Price Target From $155 To $136
by Tyler Durden
ZeroHedge.com
04/27/2016
The tide has finally turned on what until recently was every sellside analyst’s favorite stock.
With AAPL back in bear market territory and the stock back at levels last seen when the S&P was at 1820, it only makes sense for Goldman to take profit on its AAPL short position, which in this case manifested itself with a “Conviction Buy” call on the stock (for Goldman to short the stock, clients have to buy), and moments ago it closed out its “conviction buy” saying “we are disappointed by Apple’s quarter and guidance, as it reflects a much weaker iPhone 6s product cycle than we had anticipated, with most of the negative surprise vs. our expectations coming from China”, and cutting its 12 month price target on the stock from $155 to $136.
This is what else Goldman said.
The Rest…HERE
