I saw yesterday’s Needham’s Apple stock price estimate cut to 595, and realized what was going on and now realize why Apple’s stock hasn’t been behaving rationally.
Needham was the second to last analyst to lower the price target out of the 700 range.
When the stock shot through the roof last fall, the analysts scrambled to increase their estimates. Now that the stock has been hanging out well below any reasonable valuation, they’ve lowered their estimates.
I think Tim Cook is somehow manipulating the stock to fuck with the analysts.
Now that just about all analysts have lowered their price target, it’s going to jam higher right past where the analysts are predicting.
RBC Capital analyst Amit Daryanani raised his target price for Apple’s stock on Thursday from US$475 to $525 based on the likelihood that new iPhone models will ship in September and that the company may expand its stock buyback program…
Or, he updated his price target because Apple is trading at over $500/share (above his former target) and $525 is as good a guess as $475 was.