Banc of America downgrades Apple on valuation
Banc of America has downgraded Apple to neutral from buy, citing concerns over valuation, reports MarketWatch. “We believe Apple’s fundamentals are strong,” analyst Keith Bachman said. “However, the recent run in the stock has left us uncomfortable recommending putting new money to work.” The analyst, however, did raise Apple’s stock price target to US$76 from $52. Read More
