Jefferies changes tune on Apple, upgrades to 'buy' with price target of $600
Investment firm Jefferies, which slashed its price target for Apple stock in March after incorrectly expecting a television set from the company in 2012, is once again bullish on the iPhone maker, and on Monday advised investors to buy.
Analyst Peter Misek has issued a new price target of $600 for shares of AAPL, according to the Associated Press. His rating for the company was also upgraded from "hold" to "buy."
Misek said he is more positive on Apple's outlook after speaking with suppliers, who have reportedly become more lenient in their component pricing.
The analyst similarly cited supply chain checks in March, when he slashed his Apple price target to $420, down from $500. At the time he joined a wave of analysts who became pessimistic about Apple's prospects following 2012's launch of the iPhone 5.
Misek also came under fire in February of this year when he cited "channel checks" that allegedly indicated Apple was planning a product event in March related to the Apple TV set-top box. But reliable Apple commentator Jim Dalrymple of The Loop quickly refuted those claims, and no such event was held.
The same analyst claimed in March of 2012 that Apple was gearing up to start production of a full-fledged television set in May or June of that year, in preparation for a product launch in late 2012. That prediction also proved inaccurate.
And in late 2011, Misek said he expected Apple to launch a television with TFT-LCD panels from Sharp in mid-2012 ??another forecast that missed the mark.
Misek still remains in the rumor game, however, as he said on Monday he expects Apple's next-generation handset, which he referred to as the "iPhone 6," will sport a larger 4.8-inch display. He made that same prediction this February.
Apple switched its flagship handsets to a 4-inch display starting last year with the iPhone 5, up from the 3.5-inch screen that was featured on previous models.
Analyst Peter Misek has issued a new price target of $600 for shares of AAPL, according to the Associated Press. His rating for the company was also upgraded from "hold" to "buy."
Misek said he is more positive on Apple's outlook after speaking with suppliers, who have reportedly become more lenient in their component pricing.
The analyst similarly cited supply chain checks in March, when he slashed his Apple price target to $420, down from $500. At the time he joined a wave of analysts who became pessimistic about Apple's prospects following 2012's launch of the iPhone 5.
Misek also came under fire in February of this year when he cited "channel checks" that allegedly indicated Apple was planning a product event in March related to the Apple TV set-top box. But reliable Apple commentator Jim Dalrymple of The Loop quickly refuted those claims, and no such event was held.
The same analyst claimed in March of 2012 that Apple was gearing up to start production of a full-fledged television set in May or June of that year, in preparation for a product launch in late 2012. That prediction also proved inaccurate.
And in late 2011, Misek said he expected Apple to launch a television with TFT-LCD panels from Sharp in mid-2012 ??another forecast that missed the mark.
Misek still remains in the rumor game, however, as he said on Monday he expects Apple's next-generation handset, which he referred to as the "iPhone 6," will sport a larger 4.8-inch display. He made that same prediction this February.
Apple switched its flagship handsets to a 4-inch display starting last year with the iPhone 5, up from the 3.5-inch screen that was featured on previous models.
Comments
"...despite still seeing risk to CQ4 and FY13 revs, we now believe better GMs will allow Apple to skate by until iPhone 6 launches with its 4.8? screen.”
Idiot
He is all over the map. Confounds how someone so stupid can maintain employment advising others
There's a lot of analysts now projecting higher stock prices for Apple. Cramer joined in as did Cowen & Co.’s Tim Arcuri and Evercore Partners‘s Patrick Wang
It would be better to flip a coin for your investment decisions rather than follow the advice of this idiot.
iPanel? Seriously? Why, because it starts with a 'P' like the other 3 iDevices?
Sorry, try again. That name is so ridiculous how can anyone say or type it without shaking their head and laughing?
It is like the analysts cannot see beyond their constant failures about a television and watch. Why is it so important that Apple create a television or watch? And why are those two categories the only ways Apple can prove it is innovative "again"?
Over the weekend the USA Today published an article with an analyst stating the 64-bit microprocessor showed Apple's innovativeness and he felt Apple had something big for the future. High praise coming from an analyst. Then the analyst flips in the opposite direction to say Apple's innovativeness was slowing because if Steve was still alive, Apple would have created two new product categories by now
I had to start from the top of the article again to confirm I had read and understood the analyst's quotes. Oh well.
I swear these analysts just pick a recommendation out of a hat and then form an opinion.
Some say its not their hat but that is close enough.So true. Ok, they pull recommendations out of a hat and pull numbers from the other place.
Of course they're all getting bullish at the same time. They want to collectively capitalize on the upswing after collectively pushing down the stock. What a racket!
Groan.
Why do people give a s*** about this guy. He's an embarrassment to an already embarrassing profession.
This guys is full of it. I hope that he reads his own analysis one day. What an idiot to change the tune every other week. I wonder who his clients are.
Look at his face, just look at it.