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Apple ( AAPL ) stock slid for the eighth straight trading session on Monday, as Wall Street analysts debated whether the consumer electronics giant has lost its mojo. Apple shares fell a fraction to 93.64 on the stock market today and earlier were down as much as 1.4%, within pennies of a 22-month low. Apple stock has fallen in 11 of the past 12 trading sessions. Apple’s current eight-day losing streak is its longest since an eight-day losing streak ended July 28, 1998. Apple has been hammered since last Tuesday, when it reported its first year-over-year sales decline since 2003 and first-ever drop in iPhone unit sales in the March quarter. Bernstein analyst Toni Sacconaghi on Monday reiterated his outperform rating on Apple stock with a price target of 135. In the battle of bulls and bears over the stock, the bears are currently winning, he noted in a research report. Bears say Apple has lost its marketplace mojo, and that management’s inconsistent messages are increasingly worrisome and the company’s product innovation is too slow, Sacconaghi said. They also point to declining sales in once-hot China and signs that iPhone sales and profits have peaked, he said. Bulls say the iPhone business is still healthy and should return to growth with the iPhone 7. Also, the company is getting a lift from its growing services business, Sacconaghi said. “On net, while we believe that Apple will be challenged to grow earnings longer term, we do believe that the iPhone business is still healthy today, and that accordion-like replacement cycles between full refresh and S-cycles explain the majority of the year-over-year contraction we are seeing this year,” Sacconaghi said. “With the stock trading at trough valuation levels, we continue to see risk-reward as attractive at current levels.” RBC Capital Markets analyst Amit Daryanani on Monday maintained his outperform rating on Apple stock with a price target of 120. “With $200 billion-plus in cash, we believe the stock is undervalued at these levels,” he said in a report. “From a product perspective, we believe the company can continue to gain share in both the tablet and smartphone space.” RELATED: Apple Investors Worry That Glory Days Are Over Scalper1 News
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