Why Apple Stock Fell Today

UBS analyst David Vogt took over coverage of Apple and lowered the investment bank's rating on its stock from buy to neutral. UBS analyst David Vogt is more bearish on Apple's stock than his predecessor. Although he raised his firm's price forecast for Apple's stock from $106 to $115, Vogt notes that the shares are currently trading for 29 times his earnings estimate for the year ahead, which is significantly above its historical trading range.