Citigroup (C) Analyst Glen Yeung Shatters Apple (NASDAQ:AAPL) Stock Rating

The Cupertino, California based Apple Inc (NASDAQ:AAPL), world’s biggest company by market value, was downgraded to a neutral rating by Citigroup Inc (NYSE:C) on late Sunday.

Analyst Glen Yeung reported by mentioning research that indicates near-term supply-chain order cuts that the lowers bring into question the strength of iPhone 5, in addition to drawing attention to what he described as the “risks in the Apple story.”

Glen Yeung also shatters his price target on the stock to $575 from $675. The New York based Citigroup analyst’s shatters stocks rating just as Apple announced that it sold over 2 million iPhone 5 units in its launch weekend in China.

Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Hewlett-Packard Company (NYSE:HPQ) rose +1.72% to settle at $14.75, Dell Inc. (NASDAQ:DELL) moved down -0.95% to end at $10.43 while SanDisk Corporation (NASDAQ:SNDK) plunged -1.16% to finish at $42.67 on Friday.

Apple Inc. (NASDAQ:AAPL) on Dec 14, 2012 decreased -3.76% to the closing price of $509.79. The overall volume in the last trading session was 36.06 million shares. Its fifty two weeks range was $379.57 – $705.07. The total market capitalization remained at $479.56 billion.

AAPL is ahead of its 52-week low with 36.18% and lagging behind from its 52-week high price with -27.37%. AAPL’s last month’s stock price volatility remained 2.96%. In its share capital AAPL has 940.69 million outstanding shares, among them 940.15 million shares have been floated in market exchange. AAPL’s stock’s institutional ownership remained 66.87% while insider ownership included 0.02%.

The stock price of AAPL is moving down from its 20 days moving average with -8.69% and remote negatively from 50 days moving average with -13.22%. AAPL’s current year’s earnings per share experienced an addition with 59.51% while its current quarter performance remained at -25.02%. Company’s beta coefficient included 1.21. Beta factors measure the amount of market risk associated with market trade.

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