Apple Downgraded by Jefferies as SpaceX Shares Surge 16%
Jefferies cut Apple to Underperform with a $263 target. SpaceX stock jumped 16% after a lockup period expired.
Apple shares dropped 2% to $306.56 on Friday after Jefferies downgraded the stock to Underperform from Hold, slashing its price target to $263.66 from $285.56 — a move that signals the Wall Street firm sees further downside ahead for the iPhone maker. The downgrade added pressure to a stock that has already faced headwinds in recent months.
Meanwhile, Elon Musk's rocket and artificial-intelligence venture SpaceX delivered a sharp contrast, with shares surging 16% on Friday as a lockup period for existing shareholders came to an end. The rally snapped a four-week losing streak for the company, suggesting renewed investor appetite once selling restrictions were lifted.
Read more Sterling Infrastructure Earns Fresh Analyst Coverage in 2024 →
The divergence between Apple's decline and SpaceX's pop underscores the uneven sentiment gripping markets, with analysts reassessing valuations in the tech and aerospace sectors simultaneously. Jefferies' aggressive price cut on Apple — lowering the target by more than $20 — points to mounting concern over the company's near-term growth outlook, even as other corners of the innovation economy attract fresh enthusiasm.
Continue reading at Yahoo.
