“Berenberg Bank believes Apple’s financial model is too reliant on the iPhone, and has predicted that the company’s shares will plummet more than 50 percent to $60,” Neil Hughes reports for AppleInsider.
“To say that Berenberg’s $60 price target is an outlier would be an understatement, as even the few major investment firms who are bearish on AAPL still have targets above $100. Shares of Apple were trading at [over $130 at last tick],” Hughes reports. “The justification for Berenberg’s extreme price target, according to analyst Adnaan Ahmad, is that Apple relies too heavily on the iPhone for its profits.”
“Ahmad doesn’t see much hope on the horizon from the Apple Watch, but he is bullish on the prospect of an Apple-built automobile. The analyst said he believes that Apple should acquire electric-car maker Tesla to give it a foothold in the auto business,” Hughes reports. “Despite its outlier projection for Apple, Berenberg is an established German financial institution, originally founded in 1590. It brought in 4.5 billion euros in revenue in 2013, and employs more than 1,300 workers.”
Read more in the full article here.
MacDailyNews Take: iCal’ed for revisiting on Friday, February 26, 2016.
MDN, stop covering analysts!!