“Although the month of December has not been great for shares of Apple, for those waiting on a rebound, there’s still plenty of hope,” Richard Saintvilus writes for Forbes. “Since teasing investors with $594 per share on December 3, shares have plummeted to as low as $518 (losing 13%) only 3 sessions later. There was no explanation other than the bears had seized control of the stock.”
“What appears to be a concerted bear attack is working,” Saintvilus writes. “But it won’t last – at least not according to analyst Gene Munster of Piper Jaffray, who says the stock is going to $900.”
Saintvilus writes, “In speaking with CNBC recently, Munster said: ‘I’m a fundamental analyst and did a lot of calls with investors today, and I feel like I got a master’s in technical analysis just based on an earful from investors, and that’s a big issue.’ In other words, there’s been no fundamental reason for Apple’s recent slide. It’s all been noise.”
Read more in the full article here.
