“I’d been wondering what to say about Citigroup’s coverage of Apple (AAPL), which took a sharp turn for the worse with the departure of its 16-year veteran analyst Richard Gardner last spring,” Philip Elmer-DeWitt reports for Fortune.
“The new team gave clients a 20-day one-two punch: Issuing a Buy at $571 just before the stock fell to $509.79, then downgrading Apple to Neutral just before shares bounced back to $533.90,” P.E.D. reports. “The king of hot-and-cold Apple TV commentators tore into Citi’s back-to-back reports Tuesday night.”
P.E.D. writes, “Despite a few slips of the tongue, Cramer did a good job. I have nothing to add, except that Citi may regret the day it let Richard Gardner go.”
Read more in the full article here.
MacDailyNews Take: There are only a few Apple Inc. analysts/independents/firms worth listening to – and, without Gardner, Citi is no longer among that group.
[Thanks to MacDailyNews Reader "Dan K." for the heads up.]
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