“Citigroup analyst Glen Yeung this morning picked up coverage of Apple shares with a Buy rating and $675 target price, asserting that the stock is at a ‘near-term trough,'” Eric Savitz reports for Forbes.
“Yeung notes that the stock dropped 28% since peaking on September 21; after a recent rebound, the stock is now down 19% from the peak,” Savitz reports. ” He contends the drop is consistent with past corrections in its own history and that of its peers.”
Savitz reports, “With year-over-year growth expected to stabilized in the 2013 first half, he writes Apple shares are set to appreciate from here.”
Read more in the full article here.
So Citigroup wasn’t already tracking AAPL, only the largest public company on the planet?
Tell me you’re kidding, right?
Citigroup’s Richard Gardner as of April 25 had a Buy rating and a $720 target
I really can’t take it. They’re calling for Apple’s share price to be where it was in April of this year despite Apple earning more money which means that Apple’s P/E will be squeezed even more than it was. Meanwhile Amazon is losing money and the current share price is well above its April share price and the P/E has simply exploded. I’m not exactly sure what Apple is doing wrong but whatever it is, they surely need to do something about it. Obviously, Apple merely earning more money doesn’t seem to be a clear-cut solution for Apple shareholders.
They’re operating in a solid, predictable and fiscally conservative fashion as they always did under the watchful eye of SJ. There is no good reason why the experts can’t find more optimism in aapl. No logical one anyway.
In the middle 90s I remember watching the most stupid documentary I’ve ever seen in my life, based in the premise that, building a better product does not always mean you’ll win or sell more product. Guess who the examples were in that doc.? Yup, MS was the example of a winner, and Apple was the example of the better product [i.e. the loser].
The feeling I’m getting lately is that, after all the market experts (who, in the previous decade, could never ever find even one good thing to say about Apple) watch and profit, through no wisdom of their own, as aapl shoots for the moon, they now want to return to business as usual and prove that a well run, financially solid [way more solid than most banks by now], acutely profitable and product/profit oriented, can’t win by any standard definition of an above average, well run corporation.
A completely different way of saying the same things might be: Apple doesn’t take stupid risks, either as a manufacturer or as corporation, and I think that chaps Wall Street’s ass.