Notable Downgrades: Apple Inc. (AAPL), Neogen Corp. (NEOG), NetApp (NTAP), F5 Networks (FFIV), Infinera (INFN)

Apple Inc. (AAPL) was reiterated a ‘Market Perform’ by Cowen analysts on Tuesday. The broker also cut its price target on the stock to $130 from $135.

On valuation measures, Apple Inc. stock it’s trading at a forward P/E multiple of 9.99x, and at a multiple of 11.64x this year’s estimated earnings. The t-12-month revenue at Apple is $233.72 billion. AAPL’s ROE for the same period is 46.25%.

Shares of the $598.25 billion market cap company are down 2.35% year-over-year and 1.11% year-to-date.

Apple Inc., currently with a median Wall Street price target of $150.00 and a high target of $200.00, dropped $0.03 to $107.30 in recent trading.

The chart below shows where the equity has traded over the past 52-weeks.

Neogen Corp. (NEOG) was downgraded from ‘Buy’ to ‘Hold’ at Craig Hallum.

Shares have traded today between $55.53 and $58.99 with the price of the stock fluctuating between $41.51 to $62.70 over the last 52 weeks.

Shares of Neogen have lost $2.97 to $57.27 in midday trading on Tuesday, giving it a market cap of roughly $2.14 billion. The stock traded as high as $62.70 in July 22, 2015.

RBC Capital Markets reported on Tuesday that they have lowered their rating for NetApp, Inc. (NTAP). The firm has downgraded NTAP from ‘Outperform’ to ‘Sector Perform’ and lowered its price target to $28 from $38.

NetApp Inc. recently traded at $26.33, a loss of $1.27 over Monday’s closing price. The name has a current market capitalization of $7.70 billion.

As for passive income investors, the company pays shareholders $0.72 per share annually in dividends, yielding 2.61%.

F5 Networks, Inc. (FFIV) was reiterated as ‘Neutral’ with a $107 from $119 price target on Tuesday by MKM Partners. The firm notes that for the current quarter, 1QFY16, its FIVE estimate reductions are very small with numbers going to $484 million/$1.59 from $485 million/$1.60.

Shares of Infinera Corporation (INFN) are down $0.42 to $17.66 in mid-day trading. MKM Partners today reiterated their’Buy’ rating, while decreasing their 12-month base case estimate on the name by 3 points to $24 a share.

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