April 23, 2008
American Technology Research downgrades Apple rating to neutral
Posted Apr. 23, ’08, 6:56 AM PT by Derik DeLong
Category | Business
Before I start, allow me a shout out to my boy Shaw Wu. What up? How could you betray us like this? I thought we were buds. You were an ultra Apple fanboi and we loved you for it.
Wu downgraded his “Buy” rating for Apple’s stock to “Neutral” on Tuesday citing concerns over the company’s high valuation, high investor expectations, and potential “product vacuum” before the third calendar quarter in 2008. His downgrade comes a day before Apple announces its second quarter earnings.
A day before? A day before? That’s it, don your tin foil caps, it’s paranoid conspiracy time. I think Wu purposely tried to poison Apple’s stock the day before to drive down the price just long enough for him to buy up a bunch of shares before they skyrocket based on great quarter earnings.
More realistically, he’s probably right about Apple approaching overvaluation. As much as I love the company, this rising stock price can’t be sustainable.
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His strategy is working really well, Apple stock is up over $4.