“Apple has been slumping,” Roben Farzad reports for Bloomberg. “In September, the stock hit an all-time high of $705. On Monday morning, it briefly traded below $500 in pre-market trading. (As of 11 a.m. ET, it was back up around $507.)”
“At least one analyst predicts it has much further to fall,” Farzad reports. “Since January, Edward Zabitsky of Toronto-based ACI Research has been arguing that Apple (AAPL) is headed to $270 a share.”
MacDailyNews Take: Since last January? He’s got about a month for AAPL to shed some $260.
Farzad reports, “He now sees the stock reaching that level in 12 months.”
MacDailyNews Take: What’s this, the rolling 12-month $270 price target?
Farzad reports, “Zabitsky says his bear case for Apple comes down to increased competition; the diminishing appeal of its closed-architecture App Store experience; and questions about management and Apple’s ability to innovate more than a year after the death of founder Steve Jobs.”
Read more in the full article here.
MacDailyNews Take: Hey, Crazy Eddie, what’s “ACI” stand for, Acute Cerebral Infarction?
Hit an AAPL price target without moving the goal posts for a change, you tiresome moron.
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