This Analyst Is Uber-Bearish On Apple, Warns Of Desperation
According to Winer, Apple once had an "edge on everything" but bulls are now scrambling to change their thesis on Apple with ideas ranging from an innovative new iPhone to growth in emerging markets to a car that not only hasn't been officially announced, but has an uncertain margin profile.
"Remember the services thesis?" the analyst said. "Wasn't that the reason Goldman was positive on it? Where is Apple Pay? Where Is Apple Music? Where are all these services?... They are nowhere."
Winer added there's also a "sign of desperation" at Apple, while Wall Street analysts may be in denial and can't come to the conclusion that the stock is no longer a buy. He also noted that some on Wall Street have price targets as high as $180 per share, which boggles his mind.
Finally, Winer suggested that while Apple certainly has room to innovate in future products, the competition level today is "so intense" and the demand environment is "so shaky" that there is no scenario that would justify owning Apple's stock.
Latest Ratings for AAPL
|Oct 2016||Credit Suisse||Maintains||Outperform|
|Oct 2016||Goldman Sachs||Maintains||Buy|
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