• 2 months ago
KeyBanc analyst Brandon Nispel downgraded Apple (AAPL) to Underweight from Sector Weight with a $200 price target.
Transcript
00:00We often talk about on this show how analysts come in you know after a move and upgrade when a stocks already going up or
00:06Downgrade when a stock started going down
00:09Today we got a downgrade in Apple with the stock right around or near its all-time high
00:14So at the very least got to give credits to these analysts over at Key Bank for going out on a limb and downgrading
00:22Apple here again while you're at all-time highs, you know, not exactly at all-time highs, but right around there
00:27there. KeyBank is cutting iPhone's rating based on iPhone sale concerns, particularly
00:33in China. There's reports that China's iPhone purchases are down, and Huawei is a
00:42Chinese smartphone maker, that Huawei phones are being sold more in China now. So either
00:48way, this KeyBank downgrade coming in on Apple. Let me see if I got the actual... Okay, downgraded
00:56Apple to underweight from sector weight with a $200 price target. So this is coming again
01:01from KeyBank. Apple is trading lower, was a lot lower earlier this morning, right when
01:06the downgrade came out. Now it looks like some buy the dippers have come in and we're
01:10getting kind of closer back to that 230 level, 229 and a half.
01:14They can't stop buying the dip on Apple. And I was the same way. So I actually did get
01:19short the stock last night. I'm still short a little bit of stock, but I've covered like
01:2290% of the position there now. I shorted last night, I tweeted it out. I tweeted it
01:27out at 7.57 PM last night. It was Mark Lehman who got it, who's a great follow on Twitter.
01:33I've talked about him before, said that KeyBank's downgrading this to underweight, which is
01:38equivalent of sales. Like that's going to knock the stock down. Stock was 230. I was
01:41like, I'll take a shot. I know it's down 57 cents and S&P was up a little bit, but I thought
01:45it would go down more than that. It has. I covered most of my stock in the lower 228s.
01:52I actually got up early for it because I anticipated, I anticipated the buy the dip
01:56crowd would come back in Apple. So I was like, I want to get out there early enough, like
02:01to actually cover this short. So I went and got up just after 4 AM. It went down the 227s
02:07actually.
02:08What time did you get up? Because you did text me until later on.
02:10I didn't hit the 4 AM open. I didn't set an alarm, but I woke up and it was like 4.10.
02:16Oh man.
02:18It was 4.05. It was 2.27 and a half. That would have been nice. My best cover was 2.27.94.
02:26That's as good as I got. And I got 2.28.10, 2.28.11, 2.28.15, 2.28.20, 2.28.30. I mean,
02:35I was covering this like for like 35 minutes straight because it's thin. I'm like, I'm
02:41trying to get out of like a large position and I'm like, there's like a hundred shares
02:46on the offer. And I'm like lifting a hundred shares. And then there's like another hundred
02:50shares and I'm like, I'll lift a hundred shares. And I'm like, there's another hundred.
02:54I knew you had your work cut out for you.
02:56I was too big for four in the morning. It took a long time. During the day, like middle
03:01of the day, you can cover that shares. No problem at all. But four in the morning, it's
03:05tough. But anyway, it was a great trade for me. I'm still in. Like I said, I'm covered
03:0990% of the position here now. So I'm very small on it now. I think it's come up a little
03:13bit too far up being down only a dollar, but it did what you'd think it would do.
03:20It goes down two bucks. The S&Ps are up. The Qs are ripping. They can't help themselves.
03:25They can't help themselves. They got to comply.
03:27I said, you know what? If the S&Ps are going to, if they look like the S&Ps were going
03:32to be up early, they'll suck Apple along, you know, they'll just take it along for the
03:38But no, that was definitely a fun one. Bold call by this analyst. We've been hearing a
03:44lot of negative calls as of late. You did get the dip. I don't know if you're going
03:49to get back down to that pre-market low. That was right there at 227.30. Coming back up,
03:56let's see if people want to get out at scratch. That would be 230.57. And then on the downside,
04:02you just got to still have to respect yesterday's low at 2841. But bold call. I haven't followed
04:10this key bank analyst much, but make a call on Apple here.

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