APPLE (NASDAQ AAPL US$ 469 pre-open ind.) We maintain our 3 – 6 months price target for AAPL at US$ 380.
We had a few interesting phone calls over the past 2 months from some clients, but also news reporters, and other critics, who used to receive our research, and/or download it from Bloomberg, but who do not pay us for our services, however, have put a lot of emphasis on taking the time and read and battle our forecasts and research, particularly as of late related to Apple and our call on October 2nd, to “sell/short” the beloved stock.
Let’s look at the facts, since then, we correctly predicted AAPL to fall from then US$ 685 to US$ 520, based initially on chart technical outlook changing. Then, when AAPL hit our price target of US$ 520, we wrote in several daily reports, besides updates on Apple, that we were expecting AAPL to recover back towards US$ 585, which it subsequently did within the ten days after our US$ 585 target call.
On December 5th, we reiterated our initial call, which was based in part on chart technical traditional Fibonacci basics, but also complementing the chart technical aspects with market research and looking at the dynamics that existed for AAPL’s most direct competitors, Nokia, Samsung, Sony, and considering all of our combined research, and logical sense, that AAPL’s investors euphoria had been fading.