Creative Global's Carlo Besenius Remains An Apple Bear
Besenius is “fundamentally sticking with the original views, namely that Apple's product innovation had reached its zenith at the original “sell” recommendation time period, October 2012, and implicitly a bit further down in the time line, the inherent pricing power will succumb too.”
Over the next three to four months, “the onerous will be on AAPL's management to demonstrate more skills than financial engineering, and deliver once again product innovation at a price proposition that makes sense for old customers to return,” said the analyst.
Besenius plans to reiterate his bearish stance on Apple as long as the stock "does not move significantly above $580….as this will confirm that today's market buyers are not long term convinced buyers, but rather momentum ‘piggy backers.'"
Shares of Apple are up over eight percent to $568.91. The stock opened at $568.21, quickly traded down to $560.70, and are is currently in a tight range.
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