Apple Price Target: Yesterday, we brought you a story about the Apple Inc. (NASDAQ:AAPL) price target being cut by Barclay’s and Citi. While this was big news, it is important to note that not all is doom and gloom for the company. In fact, those within the Cupertino-based company are remaining optimistic that things are going to turnaround in the very near future.
Apple Inc. (NASDAQ:AAPL) is actually the smart money’s second favorite publicly traded company but hedge funds have started dumping Apple in favor of a surprising financial stock (see which stock hedge funds are buying like crazy).
AppleInsider.com has some information on Ben A. Reitzes of Barclays Capital, one of the analysts who lowered his price target on Apple Inc. (NASDAQ:AAPL):
“Ben A. Reitzes of Barclays Capital met on Wednesday with Apple Chief Financial Officer Peter Oppenheimer and Senior Vice President of Worldwide Marketing Phil Schiller. At the company’s Cupertino, Calif., headquarters they discussed a number of topics including potential uses for the company’s cash as well as future prospects for the iPhone and iPad.”
While the officials did not release much information on the direction in which the company is headed in the immediate future, it is important to note that they are optimistic about what lies ahead.
Here is what Reitzes had to say:
“We believe there is an undying dedication at Apple to innovate — and its leadership is working hard to prove bears wrong. We believe the company has a strong product pipeline ramping in (the second half of calendar 2013) — with new platform innovations as well, in our opinion.”
In addition to this information from Reitzes, there were other analysts chiming in as well.
Adnaan Ahmad of Berenberg Bank, in a note to investors, called the smartphone investment “dead.” He added the following:
“Apple and Samsung margins are peaking and growth is going to be driven by the margin-dilutive mid-to-low-end segment in the next 24 months. In our opinion, this will translate into poorer industry fundamentals.”
What are your thoughts on all of this? Do you agree with these analysts? Share your opinion in the comment section below.
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DISCLOSURE: I have no positions in any stock mentioned.
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