Shares of the iPhone maker fell as much as 6.4% to $111.27 at 9:51 a.m. EST Monday with more than 6.7 million shares traded in one minute, according to Reuters. The cause for sharp minute-long drop is unclear.
Morgan Stanley dropped Apple's weighting in its strategic portfolio to 3% from 4% in an outlook note released before the market opened, though the note may not account for the fast decline, according to Reuters.
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In a separate note before the market opened, Barclays raised its price target for Apple to $140 from $120, highlighting the iPhone 6 and iPhone 6 Plus and the upcoming "high-margin" Apple Watch.
TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, revenue growth, notable return on equity and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."