Notable Downgrades: Apple Inc. (AAPL), eBay Inc (EBAY), GT Advanced Technologies Inc. (GTAT), Tiffany & Co. (TIF), ON Semiconductor Corp. (ONNN)

Apple Inc (AAPL) was downgraded by Pacific Crest analysts to a ‘Sector Perform’ from ‘Outperform’ rating Wednesday. Pacific attributed the downgraded to the company’s lack of big new profit drivers following the tech giant’s media event yesterday. Apple shares were down $2.14, or 2.18%, at $100.180 in midday trade, moving within a 52-week range of $63.89 to $103.74.

Apple shares are currently priced at 16.79x this year’s forecasted earnings compared to the industry’s 23.32x earnings multiple. Ticker has a PEG and forward P/E ratio of 1.30 and 14.20, respectively. Price/Sales for the same period is 3.29 while EPS is 5.96. Currently there are 15 analysts that rate AAPL a ‘Strong Buy’, 28 rate it a ‘Buy’ and 9 rate it a ‘Hold’. No analysts rate it a sell. AAPL has a median Wall Street price target of $107.00 with a high target of $139.00.

Ticker is up 41.85% year-over-year and 25.06% year-to-date.

The chart below shows where the equity has traded over the last year, with the 50-day and 200-day moving averages included.

Shares of eBay Inc (EBAY) were downgraded to a ‘Neutral’ rating from an ‘Overweight’ rating by Piper Jaffray on Wednesday. The firm also cut its 12-month base case estimate to $55.00 from $63.00 saying Apple’s new iPhone-based payment system is likely to disrupt the mobile payments market.

eBay shares are currently priced at 15.14x next year’s forecasted earnings. Ticker has a PEG and a price-to-sales ratio of 1.41 and 3.84, respectively. EPS is ($0.11). Currently there are 12 analysts that rate EBAY a ‘Strong Buy’, 12 rate it a ‘Buy’ and 16 rate it a ‘Hold’. No analysts rate it a sell. EBAY has a median Wall Street price target of $60.00 with a high target of $66.00.

In the past 52 weeks, shares of the San Jose, California-based company have traded between a low of $48.06 and a high of $59.70 and are now at $51.11. Shares are down 4.53% year-over-year and 6.93% year-to-date.

The chart below shows where the equity has traded over the last year, with the 50-day and 200-day moving averages included.

Goldman Sachs (GS) reported on Wednesday that they have lowered their rating for GT Advanced Technologies Inc. (GTAT). The firm said it has downgraded GTAT from a ‘Buy’ to a ‘Neutral’ and lowered its price target to $14 from $20. Another firm that lowered its estimates on GT Advanced this morning was Cowen. The firm trimmed its GTAT price target on the stock to $18 from $19 following Apple’s event, but said it still believes sapphire is a growth area longer-term.

GT shares were down $2.15, or 14.42%, at $12.78 in midday trade. In the past 52 weeks, shares of the Merrimack, New Hampshire-based company have traded between a low of $6.28 and a high of $20.54 and are now at $12.77. Shares are up 81.91% year-over-year and down 46.53% year-to-date.

The chart below shows where the equity has traded over the last year, with the 50-day and 200-day moving averages included.

Tiffany & Co. (TIF), currently valued at $13.13B, was downgraded to ‘Neutral’ from ‘Outperform’ at Credit Suisse (CS) on Wednesday.

Tiffany & Co. shares are currently priced at 58.18x this year’s forecasted earnings compared to the industry’s -8.78x earnings multiple. Ticker has a PEG and forward P/E ratio of 1.99 and 20.49, respectively. Price/Sales for the same period is 3.12 while EPS is 1.74. Currently there are 6 analysts that rate TIF a ‘Strong Buy’, 8 rate it a ‘Buy’ and 11 rate it a ‘Hold’. 1 analyst rates it a sell. TIF has a median Wall Street price target of $112.00 with a high target of $126.00.

In the past 52 weeks, shares of the New York-based company have traded between a low of $73.63 and a high of $105.66 and are now at $100.97. Shares are up 28.48% year-over-year and 8.81% year-to-date.

The chart below shows where the equity has traded over the last year, with the 50-day and 200-day moving averages included.

Shares of ON Semiconductor Corp. (ONNN) were downgraded to ‘Neutral’ from ‘Outperform’ by RW Baird on Wednesday. The firm also lowered its 12-month base price target to $10.00 from $11.00. Analysts attributed the downgrade to expectations for a Q4 slowdown in notebooks, TD-LTE smartphones, and servers.

ON Semiconductor shares were recently down $0.20, or 2.09%, at $9.61. In the past 52 weeks, shares of the Phoenix, Arizona-based company have traded between a low of $6.80 and a high of $10.07 and are now at $9.62. Shares are up 26.25% year-over-year and down 16.75% year-to-date.

The chart below shows where the equity has traded over the last year, with the 50-day and 200-day moving averages included.

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