Goldman Sachs analyst David Bailey said Monday's drop "more than captures the concerns over Mac growth in a weakening spending environment." Bailey feels weak consumer demand could affect the stock, but iPhone sales could boost AAPL through the end of the calendar year, and "in the intermediate-term, we think Apple shares could move back to the $145 level" in 2009.
Citi held AAPL at "Buy" but cut its price target to $170 from $287.
As of 12:30pm, AAPL is up $4.67 or 4.44% to 109.93.
Apple's fiscal 2008 earnings report is expected sometime in mid-October.
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Comments
Great article, along with the one from yesterday. How can Apple lose this year? Hmm 15 billion in cash, ipods in every house, millions of iphone's sold by xmas, notebooks selling like hotcakes. SELL SELL SELL!
I think it would be folly to sell Apple before the bailout. I'm not sure what the earnings report is going to do to Apple because there's probably no way they can guide higher for the next quarter. It likely will produce another drop in share price. I get a headache trying to figure Apple's short-term share price, but in the long-term, I believe Apple will continue to prosper and share price to rise back to the $160 range. This is a hope, not a prediction.
I already have a position in AAPL, but am going to wait until after earnings to do anything.
I have faith that they will easily beat the numbers, but am leary of their guidance and the reaction that creates. If the price tanks after earnings, then I will probably buy. If it goes up after earnings, then no worries.
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