They say it's darkest before dawn.
This morning he upgraded Apple to a "buy," after being one of the first people to predict its troubles last year.
He writes, "Apple will soon report quarterly results which might not only miss its own guidance but could also include guidance for the upcoming June quarter that is $5 billion below consensus."
Piecyk is the third analyst in the last week to warn Apple could whiff on its own guidance of $41-$43 billion in revenue.
If Apple missed its own guidance it would be a disaster for the stock. It would make management look incompetent.
Piecyk is the first we've seen to warn about terrible June guidance. If that happens, it could hammer the stock.
But! Once all of that happens, he's bullish the stock rebounds all the way to $540.
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