AAPL, PFE, ADBE Stocks Downgraded Today

Mizuho downgraded Apple stock to "neutral"

Jun 12, 2017 at 9:06 AM
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Analysts are weighing in on iPhone maker Apple Inc. (NASDAQ:AAPL), blue-chip pharmaceutical stock Pfizer Inc. (NYSE:PFE), and software stock Adobe Systems Incorporated (NASDAQ:ADBE). Here's a quick roundup of today's bearish brokerage notes on shares of AAPL, PFE, and ADBE.

AAPL Stock Could Breach 50-Day After Analyst Note

Coming off its worst day in over a year, Apple stock is down another 2% in electronic trading, following a bear note at Mizuho. Specifically, the brokerage firm downgraded the shares to "neutral" from "buy," setting a $150 price target, saying enthusiasm surrounding the upcoming product cycle is already priced in. Apple's struggles are part of the broader tech sell-off that's plaguing markets around the globe, and after closing Friday at $149.98, the stock is on pace to close below its 50-day for the first time since early December. This drop in AAPL shares could be bad news for options traders, since the top open interest position on the stock is the June 155 call, with roughly 104,500 contracts in residence. 

Morgan Stanley Lower Outlook on PFE Stock

Morgan Stanley cut its price target to $35 from $38 on Pfizer stock, though this still represents territory not seen since late August. PFE stock closed Friday at $32.77, slightly above its year-to-date breakeven level, but the shares have been trending lower since early March, giving up a short-term foothold above their 200-day moving average in the process. The majority of analysts are already bearish on Pfizer, with eight of 14 rating the stock a "hold" or "strong sell." 

ADBE Stock Gets First "Sell" Rating

Pivotal Research has become the first brokerage firm on the Street to recommend selling Adobe stock, downgrading the shares to "sell" from "hold" this morning. This comes as ADBE gets swept up in the broader tech swoon, with the shares pointed almost 3% lower ahead of the open. Adobe stock settled at $138.05 on Friday, meaning it's up 42.4% year-over-year. Meanwhile, the June 145 call saw the largest increase in open interest over the past five days for all ADBE options, with data from the major exchanges confirming notable buy-to-open activity here, so this weak price action could be catching some speculators off-guard. 

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