“It seems like only yesterday (but really it was 8 months ago) I wrote my article, Apple’s Story: Only the Beginning?, in which I outlined that Apple’s (AAPL) story was not plateauing like many had then predicted, but only at the beginning of an important long-term phase,” NYC Trader writes for Seeking Alpha. “”
“At the time my article was published, Apple’s stock was taking a beating, sliding from a per share price of $700 to a near 52-week low of $400, as pundits, analysts, journalists, and bloggers all ganged up on the tech giant in their attempt to explain the irrational price movement and in the process created a narrative for investors: Apple was losing share in its smartphone and tablet markets and the only solution for a rebound was to introduce new products,” NYC Trader writes. “The narrative was wrong.”
“And since my article was published in April 2013, Apple’s stock price has surged by more than 28%, beating both the S&P 500 (+16.0%) and the Nasdaq (+27.7%),” NYC Trader writes. “The rhetoric in the investment community has now changed. Analysts, who only eight months ago were downgrading Apple to the low $400s, are now being forced to follow the markets and significantly alter twelve-month targets. The Apple offense has finally arrived.”
Read more in the full article here.