Apple after years of hyper growth that made it the worldâ€™s most valuable company, is starting to look more like a value stock, according to some analysts reacting to the iPhone makerâ€™s financial results.
At least 20 analysts lowered their price targets after Apple on Jan. 23 reported its slowest growth rates in years and said the trend will continue. The stock fell 12 percent yesterday, and has dropped more than 35 percent since September.
Apple had defied Wall Street projections for years, ignited by the popularity of the iPod, iPhone and iPad tablet. Now, the company is entering a phase where it may more closely resemble a value stock, said Abhey Lamba, an analyst at Mizuho Securities USA -- looking more like AT&T Inc. and International Business Machines Corp. in offering investors slower sales growth, predictable earnings and a steady dividend.