Hesseldahl reports, “Indeed, it would appear that everyone loves Apple these days, if not for the likes of Citigroup analyst Richard Gardner. He’s covered Apple for about 10 years, and even as his counterparts at other firms gushed, Gardner urged caution: Hold the Apple stock you have, but don’t buy any more, for now.”
“It’s probably not right to describe Gardner as ‘bearish’ on Apple. ‘To be clear, we have no issue with medium- to long-term fundamentals on Apple,’ he says in his note. ‘Our modeling simply suggests that forthcoming products like the iPhone are fairly reflected,” in earnings estimates,'” Hesseldahl reports.
Hesseldahl reports, “His argument is simple: Much of the good news that investors can expect from Apple, whether it’s related to the iPhone, AppleTV, Macs, or iPods, is already accounted for in the stock price.”
Full article here.