Pacific Crest Downgrades Apple (AAPL) to Sector Perform

Pacific Crest downgraded Apple (NASDAQ: AAPL) from Outperform to Sector Perform with a price target of $100 (unchanged). The analyst said the new products lack massive profit drivers.

NOTE: The downgrade may not come as a complete surprise as the analyst warned about a potential downgrade last week.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $97.99 yesterday.

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