The Latest Analyst Calls and Wall Street Chatter
Welcome to Extreme Investor Network, where we bring you the latest and most impactful analyst calls and Wall Street chatter to help you navigate the complex world of investing. Today, we are diving into the recent upgrades and downgrades of two tech giants that are making headlines in the stock market.
Apple Gets Downgraded by Jefferies
Analyst Edison Lee of Jefferies recently downgraded Apple from buy to hold, citing oversized expectations for the iPhone. Lee’s price target of $212.92 implies a more than 6% downside from Friday’s close. He believes that near-term expectations for the iPhone 16 and 17 are too high, leading to weaker-than-expected initial demand. Additionally, Lee points out that the artificial intelligence capabilities of Apple’s smartphone technology may not reach commercialization for another two to three years. Despite these concerns, Apple has seen significant gains in 2024, with a 18% increase year-to-date and more than 33% in the past six months.
Piper Sandler Upgrades Netflix
On the flip side, analyst Matt Farrell of Piper Sandler upgraded Netflix to overweight from neutral, with a price target of $800. He believes that Netflix’s high valuation is justified, as the company remains a clear leader in the streaming industry. While some may be cautious about Netflix’s valuation, Farrell sees potential for growth in the ads-free business and upcoming content slate. However, not everyone shares the same optimism, as Barclays analyst Kannan Venkateshwar downgraded Netflix to underweight with a $550 price target. Venkateshwar highlights concerns about the company relying on new growth drivers and slowing growth despite efforts to maintain double-digit revenue growth.
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