“Shares of Apple (AAPL) continued to hold gains during the afternoon part of the session, though it sold off in the closing minutes, ending down 8 cents at $428.35,” Tiernan Ray reports for Barron’s.
“At the same time, however, Argus Research‘s Jim Kelleher, who has a Buy rating on the shares, this afternoon cut his price target on the stock to $600 from a prior $775, after Kelleher cut his estimates for the year to reflect lower iPhone sales amidst a ‘proliferation’ of smartphone models at lower price points, and to reflect a greater mix of the lower-price iPad mini in tablet sales,” Ray reports.
“Kelleher thinks smartphone competition is outstripping Apple’s ability to stick with a single new model each year,” Ray reports, “He sees the company coming up with an ‘iPhone 5S’ refresh in the late summer, and a cheaper iPhone for emerging markets by the end of the year.”
MacDailyNews Take: Which of course, genius, neatly negates your big theory of “a single new model each year.”
Read more in the full article here.
MacDailyNews Take: Jim who, from where? We love watching these dim-bulb, third-tier “analysts” struggle to concoct reasons for their knee-jerk capitulation to the wrongheaded whims of the herd. Lemmings.