Apple stock set to snap 5-day win streak after analyst slashes price target

This replaces an earlier report that incorrectly named the Monness Crespi Hardt analyst that covers Apple. It has been corrected

Shares of Apple Inc.
AAPL,
-1.48%

dropped 0.8% in premarket trading Monday, putting them on track to snap a five-day win streak, after Monness Crespi Hardt analyst Brian White slashed his price target by more than 12%, citing concerns over an economic recession, regulatory headwinds and market volatility. White cut his stock price target to $174 from $199. But as the lowered price target still represents 18.3% upside from Friday’s closing price of $147.04, White reiterated his buy rating, saying Apple’s portfolio has “never been stronger,” but the technology giant is now battling a “more perilous” environment. “Similar to the characters in the classic movie, ‘The Towering Inferno,’ the current environment also began with wishful thinking that a hazardous accident could be contained and quickly extinguished, followed by setbacks and concerns, then fleeting moments of hope that a catastrophe had been averted altogether; however, we fear it will take a deluge of extraordinary forces to put out this blaze and avoid further destruction,” White wrote in a note to clients. The stock, which had run up 7.5% over the past five sessions, has slumped 17.2% year to date through Friday, while the Dow Jones Industrial Average
DJIA,
-0.57%

has declined 13.8%.

Source: https://www.marketwatch.com/story/apple-stock-set-to-snap-5-day-win-streak-after-analyst-slashes-price-target-2022-07-11?siteid=yhoof2&yptr=yahoo