Apple shares fall in premarket trade after Mizuho downgrade

Reuters News
Posted: Jun 12, 2017 9:06 AM

By Chuck Mikolajczak

NEW YORK (Reuters) - Apple shares were stung by a broker downgrade for a second straight week on Monday, sending the stock lower in premarket trading, and on the heels of a sharp selloff in the tech sector in the prior session.

Mizuho Securities cut its rating on the iPhone maker to "neutral" from "buy" and reduced its price target to $150 from $160 per share.

"The stock has meaningfully outperformed on a year-to-date basis and we believe enthusiasm around the upcoming product cycle is fully captured at current levels, with limited upside to estimates from here on out," said analyst Abhet Lamba.

Last week, Pacific Crest Securities lowered its rating on the stock to "sector weight."

Apple shares were down 1.5 percent to $146.71 in premarket trade.

Tech shares came under heavy pressure on Friday, falling 2.7 percent.

(Reporting by Chuck Mikolajczak; Editing by Bernard Orr)