Apple has become more unloved by Wall Street analysts than at any time in the past 14 years.
green represents percentage of buy ratings
“It’s interesting from a sentiment and contrarian view point,” said Todd Sohn, technical strategist at Strategas Research. “The analysts are throwing in the towel on the name. It may take a few months for it to repair and chop around here, but I think it’s in the process of forming a bottom.”
Sohn said Apple is down 39 percent from its Oct. 3 high. “That’s a pretty good shakeout and you can combine that with the stock ratings,” he said.
Buy ratings reached a high in 2010 to 2012 when they were mostly more than 90 percent of the ratings. At that point, Apple’s stock was in an uptrend.