So, price target lowered from $115 per share to $114 per share. Maintain Outperform. Current share price is $113.95 per share as of yesterday's closing level.
How does any analyst with even the slightest skill set justify this sort of report? For a $1.05 per share appreciation in price, he maintains an Outperform? Where the heck is the value in this sort of drivel
Value-add? Zippo
Sensible? Not in the least!
Diligent and rigorous analysis? Only in the analyst's own mind.
Yes, of course I am referring to the piece of drivel put out by Barclays on
He credited his "channel checks" although he termed it "Industry checks" showing that iPhone sales trends weakening in the coming months. I have no issues with negative research that is sensible but this sort of drivel gets me going.
He says his checks now show that smartphone revenue growth will decline by 2.9% versus a decline of 0.7% prior and unit growth will be up 2.6% versus 3.7% prior. He added that the tone in the supply chain appears cautious.
He stated, "It has been suggested to us that late 2016 could be similar to late 2015 when smartphone builds fell precipitously."
Like I always say, all of us have opinions, be it positive or negative, however a piece of research like the one put out by Barclays makes no sense at all.
Were I the biggest darksider ever on Apple stock, I would still not be able to use this research to reinforce my bear case.
On the flip side, BAML put out a note just yesterday based on their proprietary research upgrades alone could drive U.S iPhone unit growth by about 11% YoY. Their research showed that about 33% of current iPhone installed base would be eligible for an upgrade.
Now that is value-added research and something that helps an investor or even someone that is short (reconsider his/her short thesis possibly).
Words to the wise.
(Long aapl and aapl options)
