Wells Fargo downgraded its rating on Apple shares to Market Perform from Outperform citing valuation and keeps a $538-$581. I have never seen a price target for a stock given as a range. Its usually one price, like 600, 625, but Wells gives it from 538 to 581?? That's like a weatherman predicting the highs of the day will be somewhere from 40 to 80 degrees
"What's interesting about this downgrade is it's filled with positives," Cramer said. "It talked about how the new watch is coming out. They have a lot of new products. Holidays appear to be strong. They had a great quarter."
Cramer added: "A lot of people got Apple confused and they upgraded and downgraded wrong. Stay close to the facts. They had a great Christmas."
I totally agree. They are doing that just to say hey I gave this range no matter where the price falls. And for those morons who sell on this news, they will be sorry. Truthfully, I cannot believe how many scared hands are on this board. Not only that but the negativity is sickening... Stay long and you will be rewarded..
I wished I stayed long on Priceline and Baidu. I just looked back at a trade I did about 5 years? ago when I bought 30 shares of Priceline at 85.34 and baidu at 209. My new pick is Restoration Hardware, ticker is RH which had earnings that reminded me of Baidu. I se it going to 75 and then to 120 by the end of this year