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Apple stock sinks below $500 after Citigroup downgrade

Originally posted on VentureBeat:

apple-store-nyc

With good news comes bad news. Apple announced that it sold 2 million iPhone 5s in its debut in China, but the company’s stock fell below $500 for the first time since February this morning following a downgrade to neutral by Citigroup.

Apple stock fell to $499 at 6:55 a.m. Eastern this morning, reports Bloomberg. At the time of this post, the stock was back up to $503.39.

In a note last night, Citigroup analyst Glen Yeung pointed to reduced supply-chain orders that “bring into question the strength of the iPhone 5.” He proceeded to cut his price target on Apple’s stock to $575 from $675.

The Citigroup downgrade comes on top of analyst warnings from Friday that also point to component shortages (which also led to a significant Apple stock drop). Apple’s stock is down from a high of $702.19 on September 19.

Apple’s stock skyrocketed in value…

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A financial analyst by profession with a focus on value investing. Likes Benjamin Graham's investing style

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