Apple (Nasdaq: AAPL) could be on its way to $320, according analyst Carlo Besenius of Creative Global Investments. With shares under pressure after tapping 52-week lows this morning, the call throws salt into the wound for Apple investors.
Technically, Besenius says $380 is the next support level below $400. However, in his view it isn't likely to hold due to increasing weakness in sales, margins, and competition from Android and Windows products. This could set the stage for another leg lower to $320 in the next 2 to 3 months, he said.
Of note, reports say Besenius downgraded Apple to Sell when the stock was near its peak in October of last year. At that time he predicted a decline to $435 within 9 months.
Meanwhile, bulls are hoping Apple has a rabbit in its hat – a lower priced phone? an iWatch? an iPhad? . . a dividend increase?. . . anything to turn the tide. So far Apple has not delivered