“A little less optimism about profit margins means a lower price target for the stock, Apple bull Gene Munster of Piper Jaffray said Thursday on CNBC,” Bruno J. Navarro reports for CNBC.
“Munster, considered one of the most positive analysts on Apple, adjusted his price target from $910 to $875 per share,” Navarro reports. “‘Yes, the narrative reads that we’ve cut our price target a couple of times, but at the end of the day, it’s still 70 percent upside to the current stock,’ he said. ‘We still feel very good about owning Apple in 2013.'”
– Piper Jaffray analyst Gene Munster
Navarro reports, “On ‘Fast Money,’ Munster said that he was factoring in lower margins on a potential sub-$400 phone from Apple, while also excluding the potential acceleration from any increase in market share in the price segment.”
More info and video in the full article here.
MacDailyNews Take: Who needs an actual product, pricing, or release date when you can just factor in speculation and a couple of vague newspaper reports to concoct a new AAPL price target? Gene might be losing not only his credibility, but also his mind.
[Thanks to MacDailyNews Reader “Rainy Day” for the heads up.]
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