Apple on Way to $320, Says Creative Global Analyst Carlo Besenius
missed this one came out late afternoon
Apple (AAPL) on Way to $320, Says Creative Global
April 17, 2013 3:46 PM EDT Send to a Friend
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.
Chart says this thing bottoms out somewhere between $320 and $400. We'll know more after next week's report. My guess is its weak and we drop to a new low around $350ish and set a bottom. The suppliers are indicating some serious weakness. Glad I got out earlier but I have seen too much indicating another weak report that doesn't inspire the market and today's supplier reports only confirm it. I expected some speculative buying before the report, but we're selling off into the report so far. Of course, that means we'll see less of a plunge on a lousy report, or at least that's the theory. We're starting to price in a lousy report with today's plunge to $400. I want to buy but next week's report is probably a lousy one that causes another toilet bowl plung lower to set a tradable low.
"nothing new", except the predicted $320 is becoming reality.
Stock of a quality company should not have to be trading on swinging predictions.
Cook will soon realize how big trouble investors like Einhorn can cause his office for playing games with the profit cash we have already earned and saved in banks....the progeny of investment.