Apple Cut From Goldman’s Conviction List as Shares Underperform
- The stock has been on the ‘Directors’ Cut’ list since June
- Apple has underperformed peers amid concerns of iPhone slump
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Apple Inc. was removed from Goldman Sachs Group Inc.’s list of top buys after underperformance in its stock amid concerns over weak demand for its key products.
The iPhone maker had ranked in the 20-25 member “Directors’ Cut” version of Goldman’s conviction list since it was unveiled last June. Its share price is little changed in that span while the S&P 500 Index has jumped almost 22%. Apple dropped 0.6% Friday after its removal from the list.