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Goldman removes Apple stock from 'US Conviction List - Directors' Cut'

Published 03/01/2024, 05:41 AM
Updated 03/01/2024, 05:44 AM
© Reuters.  Goldman removes Apple stock from 'US Conviction List - Directors' Cut'

Goldman Sachs' “Conviction List - Directors' Cut,” the bank’s selection of top buy-rated stocks, no longer includes Apple (NASDAQ:AAPL), the investment giant said in a Friday note. Apple stock fell 0.8% on the news.

Despite the move, analysts at Goldman maintain that the market's emphasis on the deceleration of product revenue growth overlooks the resilience of the Apple ecosystem, along with the stability and predictability of its associated revenues.

“Analysts see Apple’s installed base growth, secular growth in services, and new product innovation as more than offsetting cyclical headwinds to product revenue, such as a reduced iPhone unit demand from a lengthening replacement cycle and reduced consumer demand for the PC & tablet category,” the note states.

Goldman stressed that multiple factors could lead to a stock being removed from their Conviction List such as analysts revising their opinions due to a lack of confidence in their initial assessment or achieving the anticipated price target, among other things.

Meanwhile, Southern Co (SO) was also taken off the list, while new additions include Amgen (AMGN), Monday.com (MNDY), and Vulcan Materials (VMC).

Latest comments

Apple is missing a win. No real innovation. An AR headdevice which projects a few apps. Nothing new here. People are getting bored. Theres so much tech and innovation i feel one day apple will be left behind.
Today’s market has 99.9% risk. 0.1% reward. Hold treasuy until it crashes to pre-COVID level (adjust yourself with inflation).
Clue. Less.
You can lose a lot of opportunity sitting on the sidelines. And you have to decide when to get back in.
The same Goldman Sachs which misled its investors and profited from the collapse of the mortgage market during the 2008 financial crisis? The same institution which had to be bailed out with US Government Funds?
In the current market this news is bullish, kind of contrarian trade, lol
Did Goldman Sachs remove money losing Goldman Sachs from the list also,?
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