Goldman Sachs downgrades Apple stock, cites lack of new product at Macworld

Mon, Dec 15, 2008

Finance, News

Apple shares tumbled downward today after an analyst at Goldman Sachs downgraded the company, citing weak consumer spending and the feeling that Apple wasn’t likely to introduce a new and sensational product at Macworld.  Earnings estimates for Apple were cut to $4.75 a share, down from an initial estimate of $5.13 per share.  Apple’s price target was also lowered to $115, down from a previous target of $125.

In a somewhat related story, Mac sales last month were down 1% from the same month the previous year.  The Wall Street Journal has the full scoop here.


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