“In 2010, when Apple stock was trading at $199, Edward Zabitsky, CEO of ACI Research in Toronto, was the only analyst on Wall Street to rate the stock a ‘sell,'” Quentin Fottrell reports for MarketWatch.
MacDailyNews Take: Idiot.
“Over the next two years, shares went on a tear, peaking at just over $705 and making Apple the world’s largest company as measured by stock-market value,” Fottrell reports. “Today, shares have fallen by more than a third from that high — to $461 — and Exxon Mobil Corp. has overtaken Apple in the rankings. Through it all, Zabitsky has stuck to his bearish call.”
MacDailyNews Take: Price targets from real analysts usually have end dates: 12-months, usually. So, Zabitski was wrong in 2010, he was wrong in 2011, and he remains wrong today.
Now, hear this: We predict the sun will flame out. We’ll repeat this every six months, too. With bated breath, we await Quentin’s call for an interview discussing our amazing predictive abilities.
Fottrell reports, “We spoke to Zabitsky about his wins, mistakes and what he thinks Apple should do next.”
MacDailyNews Take: What wins? All zero of them? His mistakes? Must’ve been a looonnng interview. What Apple should do next as per Crazy Eddie? Great, Apple will know exactly what not to do (as if they don’t already).
Apparently infected with a potent strain of idiocy due to proximity to Eddie the Glifnard King, Fottrell decides to squat down and squeeze out the following statement: “With the Galaxy, Samsung now has the world’s best-selling smartphone.”
MacDailyNews Take: You lie:
World’s best-selling smartphone: Apple iPhone 5; iPhone 4S #2, third place Samsung Galaxy 3 brings up rear – February 20, 2013
Full morass of mendacity submerged beneath a swamp of stupidity – Think Before You Click™ – here.
MacDailyNews Take: Zabitsky is the type of fool who’d look at the earth and, until his dying day, proclaim it flat because, you know, it looks just like his head, plus his dog completely agrees with him, so there.
You’ve got to be an Enderlean brand of moron to predict something that did not happen, then parade around pretending you were right.
[Thanks to MacDailyNews Reader “SMac85” for the heads up.]
Related articles:
Analyst sees Apple’s stock price falling to $270 – December 18, 2012
Analyst reiterates: Price competition makes Apple stock a ‘sell’ with $270 price target – April 20, 2012
Canadian analyst maintains ‘sell’ recommendation on Apple with $270 price target – April 9, 2012
Analyst maintains ‘sell short’ rating and $270 price target on Apple Inc. – January 25, 2012
Analyst slaps $126 price target on Apple – May 7, 2010
I concur with your take MDN. He’s an idiot!
He is an Idiot. Or he is playing the long game. The REALLY long game.
In several thousand years APPL will be worthless because and this “genius” will have been right because the Earth will no longer exist or something like that…
Who’s the greater idiot? The idiot, or those that follow?
Come on, nobody sane listens to Crazy Eddie.
There’s an epidemic of them!
MDN must not be based in Minnesota. In the Land of 10,000 Lakes we wait with baited breath.
I get your joke, but, for those who don’t, “bated” is, of course, correct.
1
“…an Enderlean brand of moron”… I nearly aspirated my Diet Coke having read that. Nicely done, MDN.
Apple closed at 452 today, but I predict sometime soon it will be 453. Then 454. Then 455. This will happen over time until Apple is 1000.
That is 549 predictions. iCal it please! I have no fear of being proven wrong. Time will unfold just as I have written it.
Also the stock chart will look like big hills and valleys, each with little hills and valleys and even tiny hills and valleys. People will over-interpret these hills and valleys, but do not be taken in by their foolishness. Most of these hills and valleys have no correlation with how Apple is actually doing. People who talk about these hills and valleys as if they were meaningful news are not to be trusted.
I sort of go up and down in my feelings about what you’re saying there.
Don’t beat around the bush MDN, tell us what you REALLY think.
Apple has $140B in the vault. At $275/share, half of the value would be in cash. It would be trading at a PE of something like 4. It would be nice if the reporter actually knew enough math to ask Zabitsky about this.
Zabitsky is clearly an appalling analyst, but part of his job is to make himself look good, so you would expect him to try and twist the truth to claim that he was right on every count – just as politicians like to do.
However the biggest idiot in this story is not Zabitsky, but Quentin Fottrel, who reported Zabitsky’s claims without bothering to do even the most rudimentary checks as to whether his claims were valid. If a journalist simply reports without checking facts, then they are contemptible and they bring derision upon themselves and their publisher.
Whenever an analyst makes a prediction, journalists should also print a summary of their recent predictions ( obviously not gathered from the analyst themselves, but independently researched ) so that readers can assess whether their predictions warrant being taken seriously.
Quite the concise analysis, MDN. 😉
There is a big difference between Enderle and Zabitsky.
Enderle gets paid big bucks for his bullshit. Zabitsky loses clients when his bullshit doesn’t come to pass.
I really want a job where I’m an idiot and get paid lots of money!
Talk to Steve Ballmer.