Sanford Bernstein analyst Toni Sacconaghi has upgraded Apple to “Buy.” Sacconaghi also cut back his price target on the stock to $135 from $175.
Dan Gallagher reports for MarketWatch, “In a note to clients, analyst Toni Sacconaghi said the stock is now ‘overly discounted,’ and that the company’s short-term financials are likely to remain strong despite an economic slowdown. ‘While short-term uncertainty persists, we believe that the stock’s overall risk-reward is compelling at current levels,’ the analyst wrote.”
Full article here.
Even a blind squirrel… But, a 12-month price target of just $135? Does that seem a bit too low to you, too?
It’s unsurprising that he’s a bit off; Sacconaghi has quite the inglorious track record of Apple “analysis.”