Apple 2.0

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Video: Jim Cramer rips into Citi's hot-cold Apple analysis

December 19, 2012: 6:52 AM ET

The pot may be calling the kettle black, but in this case it's richly deserved

Cramer on Citi. Click to view.

Cramer on Citi. Click to view.

FORTUNE -- I'd been wondering what to say about Citigroup's (C) coverage of Apple (AAPL), which took a sharp turn for the worse with the departure of its 16-year veteran analyst Richard Gardner last spring.

Not only did Citi miss Apple's run from $560 to $705 -- a six-month stretch when the bank provided no coverage at all -- but then the new team gave clients a 20-day one-two punch: Issuing a Buy at $571 just before the stock fell to $509.79, then downgrading Apple to Neutral just before shares bounced back to $533.90.

As I say, I was wondering whether to comment on this string of spectacularly bad advice when "kylobbyist," a long-time member of Investor Village's AAPL Sanity board (and no fan of CNBC's Jim Cramer) pointed out that the king of hot-and-cold Apple TV commentators tore into Citi's back-to-back reports Tuesday night. "I just spit out a nice glass of cabernet," she posted. "I'm about to gag."

I found the No Huddle Offense clip, and embedded it below. Despite a few slips of the tongue, Cramer did a good job. I have nothing to add, except that Citi may regret the day it let Richard Gardner go.

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About This Author
Philip Elmer-Dewitt
Philip Elmer-DeWitt
Editor, Apple 2.0, Fortune

Philip Elmer-DeWitt has been following Apple since 1982, first for Time Magazine, and now on the Web for Fortune.com.

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