UBS and Jeffries cut Apple price targets. Still say buy
UBS analysts Steven Milunovich cut his price target for Apple from $780 to $700 today, and that has the stock reeling. It was down to $512 the last I checked, a loss of 3.3% on the day. I have great respect for Milunovich as an analyst and followed him during the tech bubble days when he was at Merrill. He’s not an industry shill. The rationale for the cut comes from his supply chain check where his sources tell him that the iPhone 5 is not going to sell as well as the iPhone 4S and he has had to cut his Q1-Q3 2013 iPhone sales estimates.
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.
