Is Wall Street Disenchanted With Apple?

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These days, it seems Apple can do no right on Wall Street. The latest snub came from Citigroup, which downgraded the company to “neutral” from “buy” on Sunday. More significantly, the price target was dropped by $100 to a modest $575 per share. Citi analyst Glen Yueng questioned the strength of the iPhone 5, pointing to cuts Apple made with its suppliers. It may be that the mystique around the iPhone 5 is diminishing as competing products — such as Samsung’s offerings — gain momentum, he suggested. Citi’s decision comes amid other worrisome signs for Apple.

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