Kaufman’s Wu issues mea culpa, boosts Apple target 26%

“Less than three weeks after sounding a bearish note on Apple (AAPL) by dropping the stock from his firm’s ‘Focus List,’ Kaufman Bros. analyst Shaw Wu turned around Monday and raised his price target to $152 a share, up from $120,” Philip Elmer-DeWitt reports for Fortune.

“Last week, Barclays Capital’s Ben Reitzes also raised his price target 26% — to $143 from $113. His move followed Credit Suisse’s Bill Shope, who rated Apple ‘outperform’ with a target price of $133; and Canaccord Adams’ Peter Misek, who called the stock a ‘speculative buy’ with a $143 target,” Elmer-DeWitt reports.

Elmer-DeWitt reports, “Wu also issued something rare for an analyst: a mea culpa (albeit one couched in ‘arguablies’). Referring to his March 24 report on Apple, he writes: ‘We had arguably been a bit defensive with the stock over $107, taking it off our Focus List given we are arguably still in a bear market and investors not willing to pay more than 15x for quality hardware names. However, it appears that investor sentiment has turned a bit more constructive and willing to pay for quality names as we have seen with Apple, Research in Motion, Google, and Amazon.'”

Full article here.

[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]

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