Berenberg fires analyst infamous for doom-and-gloom Apple forecasts
Berenberg Bank on Monday let go of Adnaan Ahmad, an analyst known for making some of the bleakest forecasts for Apple stock, with a price target well below $100.
Ahmad acknowledged that his views have been "controversial in the global tech space," and that he has taken "a fair amount of abuse" for them, according to a personal memo about the departure, obtained by Fortune.
The exact reasons for the termination haven't been made public. Neither Ahmad nor a fellow analyst fired from Berenberg, Daud Khan, have another employer immediately lined up.
With Berenberg, Ahmad's estimates for Apple were often so conservative as to be below every other major analyst. In February, for instance, he suggested that Apple's share price was set to plummet over 50 percent to $60, even as other bearish analysts kept targets over $100. Apple shares are currently trading at about $107.
The argument was that the company was too dependent on the iPhone for its profits, and poised to take a hit from a combination of slowed replacement cycles and limits on high-end smartphone marketshare.
In his last Apple stock forecast, from March, Ahmad raised his target to $85, but claimed that the company was "over-earning" and "over-loved," and that its stock would soon be "over-and-out."
Ahmad acknowledged that his views have been "controversial in the global tech space," and that he has taken "a fair amount of abuse" for them, according to a personal memo about the departure, obtained by Fortune.
The exact reasons for the termination haven't been made public. Neither Ahmad nor a fellow analyst fired from Berenberg, Daud Khan, have another employer immediately lined up.
With Berenberg, Ahmad's estimates for Apple were often so conservative as to be below every other major analyst. In February, for instance, he suggested that Apple's share price was set to plummet over 50 percent to $60, even as other bearish analysts kept targets over $100. Apple shares are currently trading at about $107.
The argument was that the company was too dependent on the iPhone for its profits, and poised to take a hit from a combination of slowed replacement cycles and limits on high-end smartphone marketshare.
In his last Apple stock forecast, from March, Ahmad raised his target to $85, but claimed that the company was "over-earning" and "over-loved," and that its stock would soon be "over-and-out."
Comments
wtf does that even mean?
His line of argument is worthy of a college dropout; no logic, no facts, nothing.
His Apple Watch "review" was embarassing to him!
Funny how he was the most negative on the Apple Watch when it will sell 15M+ by years end and be a big success.
By next year, Apple will be selling as much from it as the Ipad (and Ipad sales will hold or go up).
He's a certifiable moron.
One thing that has put pressure on Apple is the massive upswing of the US dollar; that's something Apple will need to take care of this year if it continues.
This has nothing to do with how good or not its product is though. If a product goes up 40% in 2 years (US dollar rising) there isn't an infinite amount of money in the high end, people will delay their purchases. Still buy Apple but less often.
An analyst actually got fired for being wrong. The global economy won’t last much longer.