“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.
[protected-iframe id=”d2de42c77017a76aa14fd0ef18b1ebf3-17146794-18685410″ info=”http://plus.cnbc.com/rssvideosearch/action/player/id/3000136145/code/cnbcplayershare” width=”400″ height=”380″]
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.]
Related articles:
Yeah, uh, about those so-called iPhone supply chain cuts: Never mind – December 18, 2012
Apple briefly dips below $500 for first time since February; shares quickly pop back up above $510 – December 17, 2012
Apple is so big, Citigroup is triple-teaming it while others question if Apple should be broken up – November 26, 2012
Who are the analysts/independents/firms worth listening to?
Horace Dediu does excellent analysis via his asymco.com blog. Horace does not give you buying advice nor tell you the stock price, but he is the best to tell you about the fundamentals of the Apple and the competition. So I highly recommend everybody to read asymco.com.
I also recommend to listen his weekly podcast about Apple. You can find it here:
http://5by5.tv/criticalpath
Or here:
https://itunes.apple.com/podcast/the-critical-path/id442816705?mt=2
I would like it to be 2 hour podcast, because Horace has so much to say about Apple. Unfortunately it is only around hour long. 🙁
Braeburn Group
A collection of independents that have been handing the pros their heads every quarter for a few years now.
Good call by Cramer. There are analysts out there who try to make a name for themselves rather than analyze equities. Most value the company too high too often. They are just riding the wave until it peters out. Afraid to make objective points for fear of the wrath from fanboys and buy and hold investors. While others try to garner attention by valuing it too, too low suddenly. Most are like the rest of us, they simply try to do their job properly. It’s not easy covering a company that has gone up as high and fast as Apple. You can’t just be pie-in-the-sky forever. If you see something that warrants any negative comment you have to be bold enough to bring it up. Regardless of the criticism you will receive from the street. That’s why so many people lose money in the stock market. It’s too easy, as an analyst, to just go along with the crowd and not the objective. Then when a company falters to blame everyone else but the company. Nothing goes up forever. Nothing.
Just a “gut” feeling about AAPL stock back to the normal 30-40% up this year compared to the past years, it is a good time to BUY now because 2013 will be another 40% appreciation from today’s $530 price!!!!
So iSay AAPL = $750 in 2013
Citi’s current “THREE STOOGES” anal ysts doing a very good job, from unnamed Wall Street source.
Yup, it appears a lot of analysts will have egg on their faces.
he sure is loud.
It’s insulting that Apple doing so well and doing things right yet it takes a moron analyst to hurt the stock.
Advice: Don’t listen to or invest in Citigroup.
That’s a GUARANTEED SELL SIGNAL… Cramer is a HACK.. He has consistently lost money for himself and EVERY INVESTOR he has advised…FOR YEARS !!!
HACK…
Give PunditWatch (http://www.punditwatch.com) a look. It’s a new website with the goal of tracking the prognostications of the major financial, political and sports pundits. It will take a while for the site to collect and track the performance of the analysts and pundits it follows, to build a solid benchmark. But already, it is showing some self-important bloviators for what they are. Enjoy.
The site linked to sells watches and is for sale