Argus analyst cuts Apple target price to $600 from $775

“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.

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12 Comments

    1. Mortgage the house and use the kids college fund. Oh wait, did you sell last September? If so, you’re in great shape. You have all kinds of money to invest now. You did sell last September didn’t you Ray? Ray? Ray?……… Ray? Oh my.

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