Stocks
Apple Stock Hits Roadblock as KeyBanc Reaffirms Underweight Rating Ahead of iPhone Launch
KeyBanc reasserted its Underweight rating for Apple Inc. (NASDAQ:AAPL) ahead of the company's iPhone launch event on September 9. The investment firm set a price target of $250.00, which is lower than Apple's current stock price of $328.21.
The stock has been trading near its 52-week high of $344.57, with a P/E ratio of 37.57. According to InvestingPro analysis, Apple appears overvalued at current levels.
KeyBanc noted that the iPhone pricing is expected to be a major unknown revealed at the event. A larger price increase could soften gross margin pressure but would likely impact unit volumes and cause sticker shock for consumers.