“It’s been three years since Berenberg Bank analyst began predicting doom for Apple, setting a split-adjusted price target of $60 a share and—five months later—flipped the stock’s rating from Buy to Sell,” Philip Elmer-DeWitt reports for Fortune.
“This spring, with the iPhone 6 selling like hotcakes and the stock trading above $124, Ahmad raised his target (to $85) but not his rating,” P.E.D. reports. “‘We sense,’ he wrote, ‘that the company is over-earning, over-loved and, in our view, the stock should be ‘over-and-out’ soon.'”
“I took a whack at Ahmad a couple months ago, quoting at length from ‘Apple: Ticking Time Bomb’ — a note he sent clients at the end of October,” P.E.D. reports. “Now I feel bad… [Adnaan Ahmad has been let go by Berenberg.]”
Read more in the full article, with the current price targets of nearly 40 Apple analysts, here.
MacDailyNews Take: So, is this a very rare case of accountability or is it just plain accounting?
[Thanks to MacDailyNews Reader “David E.” for the heads up.]