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A customer enters the new Apple store, which is the world's largest, on its opening day at Covent Garden in London, in this August 7, 2010 file photograph.


Oppenheimer & Co. just cut its target price on Apple Inc. , in a rare downgrade for the stock.

Analyst Ittai Kidron's new target price is $420 (U.S.), down from $450, according to a quick scan of the Bloomberg terminal.

That also shows that none of the 52 other analysts covering Apple has cut their target price in recent months (indeed, most have raised them), so he's definitely swimming against the tide here.

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Apple has a "buy" rating from 48 of the analysts and a "hold" rating from five (and zero "sells"). The 12-month consensus target price is $457.24.

Mr. Kidron still rates it "outperform."

(Tip of the hat to Business Insider for pointing this out.)

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Deputy head of Audience

Sonali Verma is deputy head of audience at the Globe and Mail. She is a business journalist with more than 20 years of experience, mainly in digital media.She was previously the Globe and Mail’s senior editor in charge of audience engagement, overseeing its homepages as well as social media operations. More

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