MOST NOTEWORTHY: Starbucks Corp (SBUX), Target Corp (TGT), Apple (AAPL), United States Steel Corp (X) and Commerce Bancorp, Inc (CBH) were today's more notable downgrades:
- Apple Inc (NASDAQ: AAPL) was cut to Accumulate from Buy at ThinkEquity, citing valuation.
- Bear Stearns downgraded U.S. Steel Corp (NYSE: X) to Peer Perform from Outperform on valuation.
- Oppenheimer cut Commerce Bancorp (NYSE: CBH) to Neutral from Buy citing the company's announcement to scale back branch expansion plans for 2007.
OTHER DOWNGRADES:
- ChoicePoint Inc (NYSE: CPS) was downgraded to Market Perform from Outperform at Barrington.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). 
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Reader Comments (Page 1 of 1)
6-13-2007 @ 12:39PM
Greg Davis said...
ThinkEquity seems to be playing both sides of the line here. They gave a target price of $120 back in March, and couldn't say enough about AAPL's growth back then.
"We believe the potential is huge for this small device," ThinkEquity analyst Jonathan Hoopes, who maintains a bullish outlook on shares of Apple Inc."
Nothing has changed, except that the outlook for AAPL has magnified, and profitability and market demand has expanded significantly.
At this point, I'd say ThinkEquity has lost its credibility; I interpret their downgrade as "market manipulation."
6-13-2007 @ 1:55PM
Bobby Dee said...
I don't know why you think TE is manipulating AAPL. They set a price target, it was met and they cut forecasts. They may be wrong but their approach is logical.