Apple's Stock Price Target Slashed At Oppenheimer

Apple Inc.'s stock price target was slashed to $120 from $155 at Oppenheimer & Co., which cited concerns that the smartphone market is quickly becoming like the commoditized PC/notebook market. The new target is 24% above Friday's closing price of $96.96. "In other words, the smartphone market will no longer see easy [year-over-year] growth," analyst Andrew Uerkwitz wrote in a note to clients. " And investors will have to accept Apple's transition to a recurring revenue-based model, which may be hard to swallow for some Apple investors." Uerkwitz maintained his outperform rating on Apple's stock, however, saying that it remained "attractively valued" on a long-term basis. Separately, Apple was upgraded at Mizuho Securities, which suggested the stock's recent selloff was overdone. The stock, which surged 1.7% in premarket trade, has lost 14% over the past three months, while the Dow Jones Industrial Average has slipped 4.3%.