Apple Stock Is "Dead Money," According to 1 Wall Street Analyst
Apple (NASDAQ: AAPL) stock is in a funk. Late to the artificial intelligence game, Apple recently had to iPhone Google for assistance. The latest data on iPhone sales is disheartening -- shipments are down 37% year to date in China. With so much bad news, it's no surprise that Apple stock has lost more than $20 of its value since late January. And now here comes the worst news: Apple's stock price may not recover anytime soon.
In fact, according to Maxim Group analyst Tom Forte, Apple stock could be "dead money" for a "prolonged" period.
Now it's worth pointing out: Even Forte isn't saying Apple stock is a sell -- he just doesn't think it's going to go up much anytime soon, setting a $178 price target over the next year, and so rates Apple hold.
Source Fool.com
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