Who Said Apple Would Reach $1,000 a Share

Apr 23, 2013
J. Webster
Comments Off on Who Said Apple Would Reach $1,000 a Share

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In case your interested, here are all those friendly folks who said Apple shares would hit $1,000. Sure, some of these folks still have time, as in Apple might indeed reach $1,000 a share in their time frame, but it’s not looking too good for most of these analysts/bloggers/prognosticators/experts/founders.

Yes, about six months ago everyone on TV and across the web was pretty much saying Apple’s stock would never go down. They said $1,000 for Apple shares was a foregone conclusion. And Apple shares certainly wouldn’t go down under $400 a share, that would be absurd to even consider. Well, yes, Apple shares most certainly have gone lower than $400 a share, and Apple shares are still hanging around $400 even after increasing their share buyback plan to $60 billion and raising their dividend.

  • Andy Zaky: “Apple will reach $1,000 in late December or early January 2014”; His Apple hedge fund – yes he only bought Apple shares for his fund –  lost millions.
  • James Altucher: “Apple is definitely undervalued. It could easily find its way to $1,000.”
  • Gene Munster: “Now Munster is upping the ante, calling for Apple to reach $1,000 a share by 2014 and become the first U.S. company worth $1 trillion.”
  • Steve Wozniak: “People talk about $1000 stock price. At first you want to doubt it, but I actually believe that, and I don’t follow stock markets. Apple has that much growth left.”
  • Jim Cramer: “Thinking of Apple as a $1,000 stock is not “irrationally exuberant” as some have claimed, but likely a foregone conclusion.”
  • Shebly Seyrafi of FBN Securities: “AAPL continues to be a strong new product story,” the analyst writes. “It has the iPhone 5 shipping soon, it is expected to have a new iPad mini shipping in FY Q1, China Mobile is a large opportunity for AAPL starting next year and the iTV is generally expected to be launched over the next year or so.”
  • Brian White of Topeka Capital: “Driven by an ever expanding portfolio of innovative products, a growing integrated digital grid, unmatched aesthetics and a brand that is able to touch the soul of consumers of all backgrounds, Apple fever is spreading like a wildfire around the world and we see no end in sight to this trend.”

So yeah, they were very much wrong about Apple shares hitting that $1,000 share price. Instead, Apple’s been cut nearly in half, going from a high of around $700, when many of these Apple to $1,000 calls were made, to hovering around $400 a share.

Yes, of course Apple is still an incredible company – it’s not like people aren’t going to buy the next iPhone, iPad or a new iTV – as a matter of fact, they’ll wait in lines just to get these new Apple products. It’s just that the stock isn’t going to run up to $1,000 any time soon. The Apple to $1,000 club was wrong.

Update: Actually, Cramer is very much right about how to trade Apple – you don’t trade it you just own it.


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MarketManila

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