Needham’s Charlie Wolf cuts Apple price target from $710 to $595

“Shares of Apple (AAPL) are up $8.17, or almost 2%, at $462.62, following a favorable ruling on Friday for the company against Samsung Electronics Friday from the U.S. International Trade Commission in the titans’ ongoing patent battle, and also speculation from AllThingsD late Friday that Apple will unveil new models of the iPhone on September 10th,” Tiernan Ray reports for Barron’s.

MacDailyNews Take: It’s not speculation. The Bearded One hath spoken.

“But in the meantime, Needham & Co.‘s Charlie Wolf today reiterates a Buy rating on the shares but cuts his price target to $595 from $710 after performing one of his periodic assessments of the overall value of Apple’s businesses and finding they have all declined in value in recent months amidst rising competition,” Ray reports. “Writes Wolf, the biggest decline in his valuation for Apple is the Macintosh computer business, as the longtime boost from people switching from Microsoft‘s Windows to the Mac, but that effect has now been replaced by the adverse consequences of the rise of the tablet computer.”

Read more in the full article here.

14 Comments

  1. Re: “…adverse consequences of the rise of the tablet computer.”

    I recently heard a senior professional say he was in the process of moving all his office work off his laptop and onto his iPad. Nearly there, he indicated.

  2. It’s strange that Wolf has often stated he refuses to analyze Apple according to what he thinks they will or might do in the future; he will only consider what he definitely knows about their plans and products. However he is now more than happy to decrease his estimates for Apple based on pure speculation about what the “competition” will be like a year from now. I used to think he was fairly good but I have little tolerance for this double standard brand of gobbledygook masquerading as analysis.

  3. Ef Charlie Wolf and the rest of the analysts. I haven’t forgotten last year’s September debacle when all the analysts were upgrading Apple to the stars, only to see it fall into the mud with a thud. I’m almost certain they’re trying to ruin small investors and they’re being paid by the hedge funds to mislead everyone. I’m pleased Apple went up today, but Apple has been down all year while the rest of the NASDAQ and profitable tech stocks must have gone up at least 20%. It makes no damn sense at all. I’m almost certain Apple has been deliberately held down. Apple has not been doing that badly all year.

  4. Can someone educate me on what is the real qualification to be a Wall Street anal-yst?

    From what I heard from those anal-ysts, the qualification seems to be (1) Be proficient in A – Z , and (2) Be proficient in 0 – 9.

    my 2 cents…

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