Apple Drops on Negative Goldman Outlook, Possible iPhone Delays

Shares of Apple  (AAPL) – Get Report fell on Tuesday following a report from analysts at Goldman Sachs that the technology giant still doesn’t appear to have enough sales and earnings momentum to justify the stock’s current valuation, especially relative to other tech giants like Amazon  (AMZN) – Get Report and Microsoft  (MSFT) – Get Report.

In a note to clients, Goldman analyst Rod Hall wrote that the company’s growth rates “aren’t consistent with the narrative that has driven the stock to its highest premium vs. the S&P 500 since 2011,” and that other tech giants like Amazon and Microsoft “are delivering the numbers and yet are valued at about the same multiple as Apple.”

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