“There’s something about Charlie Wolf’s approach to Apple (AAPL) that I find charmingly old school — perhaps because he’s been in the business even longer (14 years at First Boston and 15 at Needham & Co.) than I have,” Philip Elmer-DeWitt reports for Fortune.
“Most analysts seem to change their mind about Apple’s prospects every time the wind shifts; Baird Equity’s William Power, for example, has issued seven different Apple price targets in the past 12 months,” P.E.D. explains. “Wolf, by contrast, recalibrates his targets on a strict biannual schedule — once in February and again in August. And he tells you with some precision how he arrives at those targets, breaking down Apple’s line items — Trefis style — by their contribution to what he thinks the company ought to be worth.”
“In his most recent reevaluation — issued Monday — Wolf lowered his 12-month Apple price target to $710 from $750,” P.E.D. reports. “That puts him an even $100 a share over the Street’s median target (as reported by Thomson/First Call)…”
Full article, with the highlights of Wolf’s latest report, here.