Technology stocks tanked last week after Robert Boroujerdi, Chief Global Investment Officer at Goldman Sachs, cautioned that low volatility in Apple, Facebook, Amazon and Microsoft may be blinding investors to cyclical factors and regulation risks.
Apple led the decliners on the session, sinking -3.88%, while Facebook, Amazon and Microsoft each lost more than -1.00%. The iPhone maker is likely to be in focus again on Monday after Mizuho analyst Abhey Lamba downgraded Apple to “neutral” from “buy” over the weekend, saying the current share price reflects the best-case scenario for the company.
Lamba also slashed his 12-month target price to $150.00 per share, which is about a dollar above where shares ended Friday. Apple now has six analysts, who have rated the stock a “hold.”
Shares managed to gain back some ground into the close of trading, ending just shy of the $149.00-mark in after-hours trading.
Tech Drags US Equities Lower
Daily Analysis - 12/06/2017