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Shares are now down about 28 percent from its peaks of just a few months ago, when the stock closed at $702.10 on September 19 for its highest level ever. Sentiment around the company is turning increasingly negative and according to FactSet data, Apple buy recommendations have dropped to 85 percent from 92 percent in September. Analysts are also trimming their rather high price targets on the company, with the average target dropping 7 percent from $792.40 in September to $734.96.
The date that most Apple watchers are now looking at rather keenly is January 23 when the company announces its fiscal first quarter earnings results. In fact, an extraordinary earnings report may completely alter the sentiment. That idea is making several investors bet against the stock, that any gains could force them to buy back stock to cover their bets, creating a “short squeeze” that could propel the stock even higher, they told The Journal.
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