KGI Securities Downgrades Apple Stock Price Target
Capital market firm KGI Securities downgraded Apple stock (NASDAQ: AAPL) from a ‘buy’ rating to ‘hold’ on Monday (June 22). Previously, the firm gave AAPL an Outperform rating but has now downgraded the call. Investment advisor Rob Chang cited a valuation reality check and wrote in a note to clients that “The easy money has been made. Do not chase it here; wait for a pullback,” he said.However, the analyst upheld the price prediction of $315 and acknowledged the company’s long-term growth engine, but remains doubtful about the short-term prospects. He also stressed that Apple’s stock record-breaking rally to $312 may finally be running out of gas. This makes the leading phone maker risky, as a downturn remains on the cards. Accumulating AAPL at this phase comes with a lower risk-to-reward ratio.Also Read: Can AMD Stock Price Hit $1000 After CPU-Centric Agentic AI?Why KGI Securities Has Downgraded Apple Stock (AAPL)?Source: ShutterstockKGI Securities’ downgrade of Apple stock implies that the massive $111.2 billion Q2 earnings blowout, the strong iPhone 17 sales, and the newly announced $100 billion buyback program are already fully baked into the current stock price. Therefore, there is no further room to scale up in value, and all of these helped AAPL reach where it is today at $298. It has already run its course with the help of all these developments.The financial firm wrote that Apple stock could consolidate and trade sideways in the near term. The firm advised institutional clients not to chase AAPL, as the funds can be deployed into other assets for profits. Taking larger positions now can lead to stagnation of funds or risk waiting another market cycle to scale up. The stock is taking a breather after its strongest multi-trillion-dollar fortress is cooling down. Buying Apple stock at the dips and holding on for the long term would be more beneficial to traders.
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