What Does a Vindicated Apple Bear Think Now?
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Apple Inc. was upgraded to neutral at New Street Research, as a long-time bear -- who downgraded the stock to sell in August, forecasting the iPhone weakness that would soon send the stock into a bear market -- said his negative thesis had been fully played out.
“We don’t see reasons for Apple to underperform further this year,” wrote the team of analysts, led by Pierre Ferragu. However, they added, “we don’t see reasons to buy yet,” as the stock “may remain cheap for some time.”