Apple 2.0

Covering the business that Steve Jobs built

Another day, another analyst taking a whack at Apple

March 12, 2013: 8:35 AM ET

This time it's Jefferies' Peter Misek, lowering his price target to $420 from $500

Photo: Spoonlickers

Photo: Spoonlickers

FORTUNE -- Not content to issue two negative reports on Apple (AAPL) in the space of two days last month (Apple is losing the screen-size war and Apple could face a rough two years), Jefferies' Peter Misak was back at it again Tuesday...

  • Cutting his fiscal Q2 iPhone estimate (to 35 million from 37.5 million)
  • Lowering his price target (to $420 from $500) and
  • Laying 25% odds that the company will miss its own guidance this quarter (something those naysayers at Citi first suggested last week).

Like two other analysts Monday, Misak citied supply-chain reports for Apple's troubles -- in this case "issues with the new iPhone casing colors, leading to launches being delayed from June to July-September."

"Among the most interesting pump and dump stock stories of fiscal 2012," wrote the Wall Street Pit, "Apple is certainly near the top of the list."

UPDATE: Just for fun, check out Buster Heine's History of Horrible Apple Predictions from Peter Misek posted Feb. 13 at Cult of Mac.

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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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