Gene Munster, the much loved analyst for Apple when its stock seemed to only go higher, says he now feels bullied.
Apple’s stock of course has gone from over $700 a share to $400 in a little over six months. Munster, the so called axe for Apple’s stock for ten years, recently cut his price target to $688, down from $788, and down from $910. And I swear I heard him say Apple would be a $1,000 stock on TV at least a hundred times. Well, actually he said Apple would go to $1,000 by 2014. There’s hope yet.
“It’s like getting a beating every day coming into work,” Mr. Munster said. “Investors are so negative, they want to take it out on somebody. I feel like I end up being that guy.” (NY Times)
Well, when you tout Apple for years and months on end and then the stock loses 300 points there’s bound to be a few investors who listened to your $1,000 call who are a little upset. On the flip side, I wonder what it felt like to come to work every day when Apple only went up….
But even though Munster feels picked on he hasn’t given up on Apple just yet. He says in three to six months the stock will run again when new iPhones, iPads, maybe Apple TV, and other products are introduced. Munster also mentioned Apple making money via mobile payments.
Munster’s still overweight the stock just not with so much weight this time, as again his price target is $688 and not $1,000. There must be such a science to coming up with those price targets. Give Munster some credit though, he was right about Apple for hundreds of points on the way up, it’s just too bad he didn’t say maybe investors should be a little bit careful when Apple’s stock soared past $500, $600 and $700.
Image Source: Business Week