“Apple Inc. (AAPL) was downgraded by Barclays from an Overweight to Equalweight rating on Feb 20 and had maintained its price target at $570,” Athena Yenko reports for International Business Times.
“Ben Reitzes, analyst at Barclays, said that Apple’s iWatch and HDTV’s were not going to be catalyst for the stock to overcome its unimpressive performance at present or over the next year or so. He said that these products were not ‘revolutionary’ and will not boost Apple Inc.’s shares anytime soon,” Yenko reports. “‘Frankly, we just couldn’t quite bring ourselves to use smart watches or TVs as reasons to raise numbers – nor were we fully convinced that these products could move the needle like new categories did in the old days,’ Reitzes wrote on an investors’ note on Thursday.”
Yenko reports, “Reitzes was admittedly an iPhone user and very excited about Apple’s product offerings in the future – mobile payments, geolocation and wearable devices. However, in an investor’s point of view, he said that he did not believe that there can still be innovative products like the iPhone or iPad that Apple can come up in the future.”
Read more in the full article here.
MacDailyNews Take: We believe that Apple’s iWatch and iTV will be revolutionary and each will reduce the world to slack-jawed shock and awe, boost Apple’s numbers into the stratosphere, move all kinds of needles, and blahtie frickin blah.
Our flow of bullshit emanates from the orifice below the same unicorn’s nonexistent crystal balls as Ben Reitzes’ and is equally as valid – if not more valid (since we actually understand how Apple works) – than his.
iCal’ed for future use.
Let’s hope so MDN.
Shorting the stock is the only reason for his existence.
Apple under Tim Cook is fscked. It’s a stock that’s destined for a death spiral. Totally more than fscked.
Good name choice
You are not the last one standing, but you certainly make a strong case for yourself.
Yup, certainly the last asshole standing. Anyone who believes anything that comes from a company that was recently exposed as having sold customers private details to shares dealers is clearly a fuckwit.
Somewhere near you, a village is missing its idiot.
I agree your name describes all we need to know about you and your opinion.
Very clueless. He sees no growth due to anything new at Apple and can’t see and value in the huge China Mobile market that is not in any of Apple’s quarters yet. It is bigger than AT&T, Verizon and Sprint together. And no Halos in the China Mobile customers.
If a food chain was expanding across the USA or into Europe, the stock goes up due to FUTURE sales in a location they were not in. This is the basic stuff. So, hold the stock value. Apple keeps building billion dollar server farms. Why? Any you don’t know about yet? Ok, $570. You should sell now. Apple is doomed!
Server farms. Gotta love those server farms.
Probably a sign of the market trying to push the stock down. One analyst downgrades, then another to build downside momentum.
We’ve seen this year in year out.
Basically what not revolutionary is the markets myopic focus on growth based on hype. Apple don’t do that until they release a product and then the market are always slow to react.
There were 4 articles on major news services yesterday, all of which compared Apple to Microsoft. Some even asking “Is Apple the new Microsoft?” I’m sure that common use of phraseology was just coincidence./s
Max Pain for AAPL today is around $530, with $1.2B in monthly options in play. It’s no coincidence either that we’re sitting at $530 instead of $550 like we were a week ago.
Screw this asshole. Ben’s track record sucks – # 34 of 57 in 3Q13, and did not even have the balls to submit in 1Q14. Barclays? What? It will be great to see all these clowns have to wipe the crap off their faces when they pull their heads out of their respective arses…
Ah, if only there were an objective way of assigning ratings to analysts based on how accurate their past predictions have been, they maybe they wouldn’t feel so free to write crap.
A dream likely never to be realized…
Why not? No sports publication ever mentions a college or NFL football coach without in clouding his record (e.g. “66/32”) in parentheses.
INCLUDING, not IN CLOUDING…
@%@$@ autocorrect!
After reading this, it’s evident that I have parked some funds at the wrong financial institution. However by COB, that problem will be solved.
Reitze seems to have the singular focus that innovative products & services are about selling devices. I think that won’t be the case. Mobile payments may sell more iPhones, but I would also expect it to bring in a service revenue of its own which would be more significant. Similarly, it’s a matter of time before the iphone/ipad (via iTV) function as a game controller in direct competition to Xbox. Again, they may sell more devices, but the real revenue is from the 30% they’ll take on all the games that get downloaded.
Reitze also ignores the fact that even if Apple is now another Microsoft (and I don’t agree with that), MSFT still trades at 13 X forward earnings to Apple’s 11.5. Adjusting Apple’s price to parallel MSFT alone would take the price to $600.
clowngrade #2!
expiration friday.
watch for the Monday pop. classic apple.
Google Inc’s multi-billion ponzi scheme is managed by Barclays.
Analysts are obsessed about theoretical growth and new hardware, yet seem to completely ignore solid, growing and sustained profits from improvements to the existing hardware. The iPhone has been a best seller since it first appeared and is going from strength to strength.
Furthermore the analysts are blind to the profits to be made from services. Apple already generates a massive profit from iTunes and it looks ready to eclipse that with a payments system.
Why are we reading about Barclay’s latest AAPL bungles twice in two days here at MDN? It was crap news to begin with. So we have to have it HAMMERED into our heads for some reason?
Again: Barclays, please put your own corrupt house of ill repute in order before you attempt to impose your stupidity and bad attitude on Apple. Thank you.
Keep tellin’ ya, ‘DEAD MONEY.’ Wall Street can stay irrational longer than you can stay solvent.
What a ball buster stock. Another shot to the groin today. lol
Anyone who believes someone that works for the useless crowd that is Barclays is an even bigger idiot than they are.
I wouldn’t trust a Barclays employee to successfully run a piss-up in a brewery, having seen at first-hand how they manage their banking here in the UK.
Not that any of the UK banks have covered themselves in glory over the past few years.