Jawslea
2022-02-11
AAPL: from bear to neutral
Apple Stock: The Last Bear Has Given Up. Here's Why.<blockquote>苹果股票：最后一只熊已经放弃了。原因如下。</blockquote>
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
1
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":631896798,"tweetId":"631896798","gmtCreate":1644568623339,"gmtModify":1644568623587,"author":{"id":3581673258710248,"idStr":"3581673258710248","authorId":3581673258710248,"authorIdStr":"3581673258710248","name":"Jawslea","avatar":"https://static.tigerbbs.com/8333191726f8892d8ed5ce88d0ca4b94","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":12,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>AAPL: from bear to neutral</p></body></html>","htmlText":"<html><head></head><body><p>AAPL: from bear to neutral</p></body></html>","text":"AAPL: from bear to neutral","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/631896798","repostId":1159941378,"repostType":4,"repost":{"id":"1159941378","kind":"news","pubTimestamp":1644549307,"share":"https://www.laohu8.com/m/news/1159941378?lang=zh_CN&edition=full","pubTime":"2022-02-11 11:15","market":"us","language":"en","title":"Apple Stock: The Last Bear Has Given Up. Here's Why.<blockquote>苹果股票：最后一只熊已经放弃了。原因如下。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159941378","media":"TheStreet","summary":"The last Wall Street analyst to have a bearish rating on Apple stock threw in the towel after fiscal","content":"<p><html><head></head><body>The last Wall Street analyst to have a bearish rating on Apple stock threw in the towel after fiscal Q1 earnings. Here is why.</p><p><blockquote><html><head></head><body>最后一位对苹果股票给予看跌评级的华尔街分析师在第一季度财报公布后认输了。原因如下。</body></html></blockquote></p><p>New Street Research’s analyst Pierre Ferragu had been the lone wolf (or lone bear) on Wall Street. With a sell rating on Apple stock until the company’s most recent earnings report, he believed that AAPL could drop to as low as $90 per share.</p><p><blockquote>New Street Research的分析师皮埃尔·费拉古(Pierre Ferragu)一直是华尔街的独狼（或独熊）。在该公司最新的收益报告发布之前，他对苹果股票的评级为卖出，他认为AAPL可能会跌至每股90美元。</blockquote></p><p>But Mr. Ferragu has thrown in the towel and upgraded his views on Apple shares to neutral. Today, the Apple Maven looks at what caused the analyst to change his mind.</p><p><blockquote>但费拉古已经认输，并将他对苹果股票的看法上调至中性。今天，这位苹果专家探讨了是什么导致分析师改变了主意。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8c6855a2deeb582eedec782f0a58529\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"/><span>Figure 1: Apple Stock: Why The Last Bear Has Finally Given Up</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果股票：为什么最后一只熊最终放弃了</span></p></blockquote></p><p><b>AAPL: from bear to neutral</b></p><p><blockquote><b>AAPL：从熊市到中性</b></blockquote></p><p>New Street used to have a bearish rating on Apple, first and foremost, because of the iPhone. To be fair, the downbeat thesis did not seem outrageous.</p><p><blockquote>New Street过去对苹果的评级是看跌的，首先是因为iPhone。公平地说，悲观的论点似乎并不离谱。</blockquote></p><p>First, the pandemic days drove demand for tech gadgets that resulted in Apple shipping a record number of 5G-capable smartphones in 2020 and early 2021. Pierre then compared the iPhone 13 to an “iPhone 12S cycle” that lacked the innovation needed to encourage consumers to buy the new model, following what could have been pulled-forward demand.</p><p><blockquote>首先，疫情时期推动了对科技产品的需求，导致苹果在2020年和2021年初出货了创纪录数量的支持5G的智能手机。皮埃尔随后将iPhone 13与“iPhone 12S周期”进行了比较，后者缺乏鼓励消费者购买新机型所需的创新，而需求可能会被提前。</blockquote></p><p>But the analyst’s convictions proved flawed on the back of another round of impressive iPhone sales in the 2021 holiday quarter. In fiscal Q1, iPhone revenues grew nearly 10% on top of already tough comps of 17%. As the graph below depicts, the segment has posted the best growth rates on a TTM (trailing twelve-month) basis.</p><p><blockquote>但在2021年假日季度iPhone销量又一轮令人印象深刻的背景下，分析师的信念被证明是有缺陷的。在第一财季，iPhone收入在17%的基础上增长了近10%。如下图所示，该细分市场在TTM（过去12个月）的基础上实现了最佳增长率。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ac32148a9043b56f8e77527a16caeba\" tg-width=\"758\" tg-height=\"504\" width=\"100%\" height=\"auto\"/><span>Figure 2: Apple's TTM revenue growth by major product segment.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果按主要产品细分的TTM收入增长情况。</span></p></blockquote></p><p>Faced with the hard facts, Pierre was reasonable to admit that he had been wrong about his bearish thesis. In his own words, during his late January interview with CNBC:</p><p><blockquote>面对确凿的事实，皮埃尔有理由承认他的悲观论调是错误的。用他自己的话来说，在一月底接受CNBC采访时：</blockquote></p><p>“What we saw in the last print was a very, very strong quarter and a very, very confident guide that goes head first against our thesis. The quality of demand for the iPhone today is something that is breaking our framework. There is something we are missing.”<b>But why not bullish?</b></p><p><blockquote>“我们在上一份出版物中看到的是一个非常非常强劲的季度和一个非常非常自信的指南，这与我们的论点背道而驰。当今iPhone的需求质量正在打破我们的框架。我们遗漏了一些东西。”<b>但为什么不看涨呢？</b></blockquote></p><p>Giving up a bearish thesis does not mean that an analyst needs to be an Apple bull, necessarily. In fact, Pierre Ferragu explained that he does not have “any view that is in opposition to what you would find in consensus today. [So he feels] that the stock is reasonably valued”.</p><p><blockquote>放弃看跌论点并不意味着分析师一定需要看好苹果。事实上，皮埃尔·费拉古解释说，他没有“任何与今天共识相反的观点。[所以他认为]该股估值合理”。</blockquote></p><p>The CNBC host pressed the analyst further, asking about what could make the analyst turn bullish on Apple stock. He elaborated as follows:</p><p><blockquote>CNBC主持人进一步追问分析师，询问是什么让分析师转而看好苹果股票。他阐述如下：</blockquote></p><p>“We don’t think there is anything mispriced, [...] this is not an investment for which we would pound the table. What would make us change our minds [...] are the next steps for Apple, which are the AR/VR headset and the car.”But don’t hold your breath. Pierre thinks that “the next big thing” opportunities are still very open-ended in regards to breath and depth. Also, he thinks that the growth ramp up should not be very steep, therefore investors need not rush into the stock ahead of it.</p><p><blockquote>“我们不认为有任何错误定价，[...]这不是一项我们会为此大打出手的投资。什么会让我们改变主意[...]是苹果的下一步，即AR/VR头显和汽车。”但是不要屏住呼吸。皮埃尔认为，就呼吸和深度而言，“下一件大事”的机会仍然是非常开放的。此外，他认为增长速度不应该太快，因此投资者不需要提前买入该股。</blockquote></p><p><b>The Apple Maven’s take</b></p><p><blockquote><b>苹果专家的看法</b></blockquote></p><p>Despite being a cautious bull myself, I always appreciate the bearish perspective. By losing the last analyst with a sell rating on Apple, Wall Street becomes overwhelmingly optimistic about an investment in the stock, which can be a bit dangerous if it creates overconfidence.</p><p><blockquote>尽管我自己是一个谨慎的多头，但我总是欣赏看跌的观点。由于失去了最后一位对苹果给予卖出评级的分析师，华尔街对该股的投资变得极其乐观，如果造成过度自信，华尔街可能会有点危险。</blockquote></p><p>That said, Pierre Ferragu has clearly been on the wrong side of the trade for too long. His old $90 price target suggested that Apple stock could have dropped by more than 40% from the pre-earnings price of $160. Clearly to me, this was all but impossible to happen with a high-quality company executing as well as Apple has been lately.</p><p><blockquote>也就是说，皮埃尔·费拉古显然在交易中站在错误的一边太久了。他旧的90美元目标价表明，苹果股价可能较160美元的财报前价格下跌超过40%。对我来说，很明显，对于一家像苹果最近这样执行力好的高质量公司来说，这几乎是不可能发生的。</blockquote></p><p>New Street Research’s current price target of $165, still suggesting 6% downside risk, is much more reasonable and consistent with valuations that currently hover near an all-time high. That said, I still find the price projection a bit conservative, as I think Apple stock should rise — even if not viciously — from its current $175 levels over the next 12 months.</p><p><blockquote>New Street Research目前的目标价为165美元，仍暗示下行风险为6%，这要合理得多，也与目前徘徊在历史高点附近的估值一致。尽管如此，我仍然认为价格预测有点保守，因为我认为苹果股价在未来12个月内应该会从目前175美元的水平上涨（即使不是恶性上涨）。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: The Last Bear Has Given Up. Here's Why.<blockquote>苹果股票：最后一只熊已经放弃了。原因如下。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: The Last Bear Has Given Up. Here's Why.<blockquote>苹果股票：最后一只熊已经放弃了。原因如下。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2022-02-11 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The last Wall Street analyst to have a bearish rating on Apple stock threw in the towel after fiscal Q1 earnings. Here is why.</p><p><blockquote><html><head></head><body>最后一位对苹果股票给予看跌评级的华尔街分析师在第一季度财报公布后认输了。原因如下。</body></html></blockquote></p><p>New Street Research’s analyst Pierre Ferragu had been the lone wolf (or lone bear) on Wall Street. With a sell rating on Apple stock until the company’s most recent earnings report, he believed that AAPL could drop to as low as $90 per share.</p><p><blockquote>New Street Research的分析师皮埃尔·费拉古(Pierre Ferragu)一直是华尔街的独狼（或独熊）。在该公司最新的收益报告发布之前，他对苹果股票的评级为卖出，他认为AAPL可能会跌至每股90美元。</blockquote></p><p>But Mr. Ferragu has thrown in the towel and upgraded his views on Apple shares to neutral. Today, the Apple Maven looks at what caused the analyst to change his mind.</p><p><blockquote>但费拉古已经认输，并将他对苹果股票的看法上调至中性。今天，这位苹果专家探讨了是什么导致分析师改变了主意。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8c6855a2deeb582eedec782f0a58529\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"/><span>Figure 1: Apple Stock: Why The Last Bear Has Finally Given Up</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果股票：为什么最后一只熊最终放弃了</span></p></blockquote></p><p><b>AAPL: from bear to neutral</b></p><p><blockquote><b>AAPL：从熊市到中性</b></blockquote></p><p>New Street used to have a bearish rating on Apple, first and foremost, because of the iPhone. To be fair, the downbeat thesis did not seem outrageous.</p><p><blockquote>New Street过去对苹果的评级是看跌的，首先是因为iPhone。公平地说，悲观的论点似乎并不离谱。</blockquote></p><p>First, the pandemic days drove demand for tech gadgets that resulted in Apple shipping a record number of 5G-capable smartphones in 2020 and early 2021. Pierre then compared the iPhone 13 to an “iPhone 12S cycle” that lacked the innovation needed to encourage consumers to buy the new model, following what could have been pulled-forward demand.</p><p><blockquote>首先，疫情时期推动了对科技产品的需求，导致苹果在2020年和2021年初出货了创纪录数量的支持5G的智能手机。皮埃尔随后将iPhone 13与“iPhone 12S周期”进行了比较，后者缺乏鼓励消费者购买新机型所需的创新，而需求可能会被提前。</blockquote></p><p>But the analyst’s convictions proved flawed on the back of another round of impressive iPhone sales in the 2021 holiday quarter. In fiscal Q1, iPhone revenues grew nearly 10% on top of already tough comps of 17%. As the graph below depicts, the segment has posted the best growth rates on a TTM (trailing twelve-month) basis.</p><p><blockquote>但在2021年假日季度iPhone销量又一轮令人印象深刻的背景下，分析师的信念被证明是有缺陷的。在第一财季，iPhone收入在17%的基础上增长了近10%。如下图所示，该细分市场在TTM（过去12个月）的基础上实现了最佳增长率。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ac32148a9043b56f8e77527a16caeba\" tg-width=\"758\" tg-height=\"504\" width=\"100%\" height=\"auto\"/><span>Figure 2: Apple's TTM revenue growth by major product segment.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果按主要产品细分的TTM收入增长情况。</span></p></blockquote></p><p>Faced with the hard facts, Pierre was reasonable to admit that he had been wrong about his bearish thesis. In his own words, during his late January interview with CNBC:</p><p><blockquote>面对确凿的事实，皮埃尔有理由承认他的悲观论调是错误的。用他自己的话来说，在一月底接受CNBC采访时：</blockquote></p><p>“What we saw in the last print was a very, very strong quarter and a very, very confident guide that goes head first against our thesis. The quality of demand for the iPhone today is something that is breaking our framework. There is something we are missing.”<b>But why not bullish?</b></p><p><blockquote>“我们在上一份出版物中看到的是一个非常非常强劲的季度和一个非常非常自信的指南，这与我们的论点背道而驰。当今iPhone的需求质量正在打破我们的框架。我们遗漏了一些东西。”<b>但为什么不看涨呢？</b></blockquote></p><p>Giving up a bearish thesis does not mean that an analyst needs to be an Apple bull, necessarily. In fact, Pierre Ferragu explained that he does not have “any view that is in opposition to what you would find in consensus today. [So he feels] that the stock is reasonably valued”.</p><p><blockquote>放弃看跌论点并不意味着分析师一定需要看好苹果。事实上，皮埃尔·费拉古解释说，他没有“任何与今天共识相反的观点。[所以他认为]该股估值合理”。</blockquote></p><p>The CNBC host pressed the analyst further, asking about what could make the analyst turn bullish on Apple stock. He elaborated as follows:</p><p><blockquote>CNBC主持人进一步追问分析师，询问是什么让分析师转而看好苹果股票。他阐述如下：</blockquote></p><p>“We don’t think there is anything mispriced, [...] this is not an investment for which we would pound the table. What would make us change our minds [...] are the next steps for Apple, which are the AR/VR headset and the car.”But don’t hold your breath. Pierre thinks that “the next big thing” opportunities are still very open-ended in regards to breath and depth. Also, he thinks that the growth ramp up should not be very steep, therefore investors need not rush into the stock ahead of it.</p><p><blockquote>“我们不认为有任何错误定价，[...]这不是一项我们会为此大打出手的投资。什么会让我们改变主意[...]是苹果的下一步，即AR/VR头显和汽车。”但是不要屏住呼吸。皮埃尔认为，就呼吸和深度而言，“下一件大事”的机会仍然是非常开放的。此外，他认为增长速度不应该太快，因此投资者不需要提前买入该股。</blockquote></p><p><b>The Apple Maven’s take</b></p><p><blockquote><b>苹果专家的看法</b></blockquote></p><p>Despite being a cautious bull myself, I always appreciate the bearish perspective. By losing the last analyst with a sell rating on Apple, Wall Street becomes overwhelmingly optimistic about an investment in the stock, which can be a bit dangerous if it creates overconfidence.</p><p><blockquote>尽管我自己是一个谨慎的多头，但我总是欣赏看跌的观点。由于失去了最后一位对苹果给予卖出评级的分析师，华尔街对该股的投资变得极其乐观，如果造成过度自信，华尔街可能会有点危险。</blockquote></p><p>That said, Pierre Ferragu has clearly been on the wrong side of the trade for too long. His old $90 price target suggested that Apple stock could have dropped by more than 40% from the pre-earnings price of $160. Clearly to me, this was all but impossible to happen with a high-quality company executing as well as Apple has been lately.</p><p><blockquote>也就是说，皮埃尔·费拉古显然在交易中站在错误的一边太久了。他旧的90美元目标价表明，苹果股价可能较160美元的财报前价格下跌超过40%。对我来说，很明显，对于一家像苹果最近这样执行力好的高质量公司来说，这几乎是不可能发生的。</blockquote></p><p>New Street Research’s current price target of $165, still suggesting 6% downside risk, is much more reasonable and consistent with valuations that currently hover near an all-time high. That said, I still find the price projection a bit conservative, as I think Apple stock should rise — even if not viciously — from its current $175 levels over the next 12 months.</p><p><blockquote>New Street Research目前的目标价为165美元，仍暗示下行风险为6%，这要合理得多，也与目前徘徊在历史高点附近的估值一致。尽管如此，我仍然认为价格预测有点保守，因为我认为苹果股价在未来12个月内应该会从目前175美元的水平上涨（即使不是恶性上涨）。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/apple-stock-why-the-last-bear-has-finally-given-up\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/apple-stock-why-the-last-bear-has-finally-given-up","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159941378","content_text":"The last Wall Street analyst to have a bearish rating on Apple stock threw in the towel after fiscal Q1 earnings. Here is why.New Street Research’s analyst Pierre Ferragu had been the lone wolf (or lone bear) on Wall Street. With a sell rating on Apple stock until the company’s most recent earnings report, he believed that AAPL could drop to as low as $90 per share.But Mr. Ferragu has thrown in the towel and upgraded his views on Apple shares to neutral. Today, the Apple Maven looks at what caused the analyst to change his mind.Figure 1: Apple Stock: Why The Last Bear Has Finally Given UpAAPL: from bear to neutralNew Street used to have a bearish rating on Apple, first and foremost, because of the iPhone. To be fair, the downbeat thesis did not seem outrageous.First, the pandemic days drove demand for tech gadgets that resulted in Apple shipping a record number of 5G-capable smartphones in 2020 and early 2021. Pierre then compared the iPhone 13 to an “iPhone 12S cycle” that lacked the innovation needed to encourage consumers to buy the new model, following what could have been pulled-forward demand.But the analyst’s convictions proved flawed on the back of another round of impressive iPhone sales in the 2021 holiday quarter. In fiscal Q1, iPhone revenues grew nearly 10% on top of already tough comps of 17%. As the graph below depicts, the segment has posted the best growth rates on a TTM (trailing twelve-month) basis.Figure 2: Apple's TTM revenue growth by major product segment.Faced with the hard facts, Pierre was reasonable to admit that he had been wrong about his bearish thesis. In his own words, during his late January interview with CNBC:“What we saw in the last print was a very, very strong quarter and a very, very confident guide that goes head first against our thesis. The quality of demand for the iPhone today is something that is breaking our framework. There is something we are missing.”But why not bullish?Giving up a bearish thesis does not mean that an analyst needs to be an Apple bull, necessarily. In fact, Pierre Ferragu explained that he does not have “any view that is in opposition to what you would find in consensus today. [So he feels] that the stock is reasonably valued”.The CNBC host pressed the analyst further, asking about what could make the analyst turn bullish on Apple stock. He elaborated as follows:“We don’t think there is anything mispriced, [...] this is not an investment for which we would pound the table. What would make us change our minds [...] are the next steps for Apple, which are the AR/VR headset and the car.”But don’t hold your breath. Pierre thinks that “the next big thing” opportunities are still very open-ended in regards to breath and depth. Also, he thinks that the growth ramp up should not be very steep, therefore investors need not rush into the stock ahead of it.The Apple Maven’s takeDespite being a cautious bull myself, I always appreciate the bearish perspective. By losing the last analyst with a sell rating on Apple, Wall Street becomes overwhelmingly optimistic about an investment in the stock, which can be a bit dangerous if it creates overconfidence.That said, Pierre Ferragu has clearly been on the wrong side of the trade for too long. His old $90 price target suggested that Apple stock could have dropped by more than 40% from the pre-earnings price of $160. Clearly to me, this was all but impossible to happen with a high-quality company executing as well as Apple has been lately.New Street Research’s current price target of $165, still suggesting 6% downside risk, is much more reasonable and consistent with valuations that currently hover near an all-time high. That said, I still find the price projection a bit conservative, as I think Apple stock should rise — even if not viciously — from its current $175 levels over the next 12 months.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":587,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":22,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/631896798"}
精彩评论